Mid-South Conference: Updates on ag tax and the Corporate Transparency Act

FAYETTEVILLE — When Benjamin Franklin wrote “nothing can be said to be certain, except death and taxes,” he had no inkling of the unpredictable life of the Corporate Transparency Act.
CTA was made law in 2021, placing new requirements to report beneficial owners of businesses, including those in agriculture. CTA came with teeth too, including the potential for criminal penalties for non-compliance for registered business entities such as LLCs and corporations.
Though it went into effect at the beginning of 2024, the people most affected by it seemed largely unaware of the law. Then, on March 1, CTA was declared unconstitutional by a federal district court in Alabama.
However, it’s not the end of the road for this law. Kristine Tidgren, director of the Center for Agricultural Law and Taxation at Iowa State University, will present “2024 and Beyond: Ag Tax Update and the Corporate Transparency Act,” as part of the 11th Annual Mid-South Agricultural and Environmental Law Conference.
Tidgren’s session will take place June 7 at the University of Memphis Cecil C. Humphreys School of Law. Registration for the conference is online, and a livestream option is also available.
Tidgren has provided extensive outreach to producers, landowners, tax professionals and others on the CTA.
“Our experience has been that many of the folks we present to have not heard of the CTA,” Tidgren said. “These are people who may very well be subject to the reporting requirements, such as farmers and small business owners. So, I’m very much looking forward to providing the very latest on the CTA as well as ag tax at the 11th Annual Mid-South conference.”
What happens next?

In the wake of the federal district court’s ruling, the Justice Department filed a notice for appeal on March 11 that will go to the 11th Circuit Court of Appeals.
“We’ll have to wait and see how things shake out in the aftermath of the federal court’s ruling,” Tidgren said. “The outcome of the appeal remains to be seen, but since the current ruling does not apply to most businesses, it’s an issue to be on top of through 2024 and into 2025.”
Recent updates regarding agricultural taxes will also have a considerable impact when it comes to estate and business planning in the agricultural sector.
“As we head into 2025, it’s important to take stock of where we are and where we’re likely headed with respect to laws impacting ag tax,” NALC Director Harrison Pittman said. “Additionally, it’s very important that attorneys, CPAs, agribusinesses and others who work with producers know the very latest about the Corporate Transparency Act, or CTA. The CTA is intended to apply broadly across the economy but is one of the most important developments for agriculture in 2024.
“Kristine is a nationally recognized and respected expert on ag tax as well as the CTA,” Pittman said. “She and her team have been outstanding partners to the NALC, and we are really excited that attendees will have the opportunity to hear directly from her.”
For information about the National Agricultural Law Center, visit nationalaglawcenter.org or follow @Nataglaw on X. The National Agricultural Law Center is also on Facebook and LinkedIn.
For updates on agricultural law and policy developments, subscribe free of charge to The Feed, the NALC’s twice-monthly newsletter highlighting recent legal developments facing agriculture.