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Attorney advises farmers, businesses on new federal disclosure law

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An attorney says the new federal disclosure law has businesses concerned, and several attorneys and accountants confused.

Amy Ebeling with Ruder Ware Law in Wisconsin says the new federal Corporate Transparency Act has been in place since January 1st and anyone who has formed a business entity with any state government has to provide more information to the federal government. “Corporations, limited liability companies, there is a requirement to disclose to the federal government what is labeled as beneficial owners, which includes owners as well as those that may have management or other authority inside the business without having any ownership.”

Ebeling says this applies to all businesses including farms and sole proprietorships. 

She says the new law also has many accountants and attorneys unsure of how to advise their clients.

Attorney advises farmers, businesses on new federal disclosure law