Reported by PAM LEWISON

At the beginning of this year, most small businesses, including single ownership LLCs, became subject to corporate transparency filing requirements under the Corporate Transparency Act (CTA). Under the CTA, businesses subject to the law have until Jan. 1, 2025 to file all the beneficial ownership information (BOI) for each person who has part ownership of their respective enterprise.

This law applies to farms and ranches, too.

The law is not new, but the reporting requirement is. The CTA was enacted as part of the 2020 Anti-Money Laundering Act. The act requires the Financial Crimes Enforcement Network (FinCEN) to maintain a list of “beneficial owners” of businesses who do not otherwise have to report their information to the federal government.

The act applies specifically to beneficial owners in LLCs, SMLLCs, sole proprietorships that are corporations or LLCs, limited partnerships, S-Corps, C-Corps, and trusts that file with the Secretary of State. 

Read full report: https://www.washingtonpolicy.org/publications/detail/farms-ranches-have-until-jan-1-to-file-transparency-paperwork