Deadline looming to file businesses with government

The Jan. 1, 2025, deadline for farmers and ranchers required to file their business with the federal government is quickly approaching.

More than 230,000 farms are required to file beneficial ownership information with the Department of Treasury’s Financial Crimes Enforcement Network as required under the Corporate Transparency Act of 2021 (CTA). Government data indicates that less than 11% of eligible businesses nationwide have done so, according to the American Farm Bureau Federation.

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Ranchers should review Corporate Transparency Act

Ranchers should review the Corporate Transparency Act with their tax attorneys as key deadlines are approaching at the end of the year.

“Many farms are structured as either a C-corporation, S-corporation or limited liability company (LLC), which are now required to be registered if they employ fewer than 20 employees or receive under $5 million in cash receipts—which covers the vast majority of farms,” the organization said.

Ranchers are encouraged to contact an accountant or attorney if they are unsure whether they are required to file their business.

The Financial Crimes Enforcement Network has released a video detailing how to file the beneficial ownership information report in compliance with the CTA. For more information visit https://fincen.gov/boi.