(KXNET) — It's back to the paperwork again for farmers and ranchers. The North Dakota Stockman's Association Wednesday noted on its Facebook page that the Corporate Transparency Act is back in effect, meaning a scramble for those running farms and ranches as corporations to meet new federal information requirements by January 13, 2025. At issue is the requirement in the new law to identify for the Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Department of the Treasury, everyone who will "benefit" from the corporation. For family farms and ranches, that means identifying family members, employees and anyone else who sees any gains from associating with the corporation. The question is one of definition: What does "benefit" mean, since a person can benefit in terms of payments, salary or even a donation. The law is aimed primarily at large, Wall Street corporations that have the money, time and staff to work through the required documents to file in three weeks. That isn't necessarily the case with family farms and ranches. “The Corporate Transparency Act requires millions of family farmers and ranchers to file complex paperwork and disclose beneficial ownership information with the federal government under penalty of severe fines and jailtime,” said National Cattlemen's Beef Association Executive Director of Government Affairs Kent Bacus in a statement. “FinCEN should do the right thing and provide a realistic delay to the Corporate Transparency Act until Congress has an opportunity to provide a permanent fix that protects family farmers and ranchers.” A nationwide preliminary injunction put the Corporate Transparency Act on hold. But on December 23, the Fifth Circuit Court of Appeals lifted the injunction, ruling the government is likely to prevail in a constitutional challenge to the Act. Failure to comply with the Act can lead to penalties, fines and possible jail time. "In light of the Fifth Circuit’s decision, FinCEN announced it will delay enforcement of the Corporate Transparency Act until January 13, 2025—just three weeks from now," writes the National Cattlemen's Beef Association. "This delay does not allow enough time for millions of small businesses to comply with the law, and it is deeply concerning that FinCEN will proceed with enforcing this law when it has failed to give adequate notice and instructions to law-abiding family business owners." Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Today's Top Stories SIGN UP NOW