TLDR*: You may have heard about the Corporate Transparency Act requiring all businesses, including farms, to report who owns what. But the rules just changed! U.S.-based businesses no longer have to submit Beneficial Ownership Information, so there’s nothing you need to do. Just one less form to worry about this year!
You might’ve heard some chatter about the Corporate Transparency Act (CTA)… or not? CTA was going to require all businesses, including farms and ranches, to file paperwork about who owns what. For months, small business owners and farmers across the country were bracing for another federal reporting requirement, this time called Beneficial Ownership Information (BOI) reporting.
Here’s What Happened
The Financial Crimes Enforcement Network (FinCEN) issued an interim final rule that eliminates the BOI reporting requirement for U.S. companies and U.S. persons. That means if your farm or business was formed in the United States, you’re no longer required to submit BOI reports under the Corporate Transparency Act.
The only folks who do still have to report?
- Businesses formed under foreign law and registered to do business in the U.S.
- Foreign entities—not U.S. citizens—owning or controlling those businesses
So, if you’re a farmer running your farm here in the U.S., you don’t need to file anything related to BOI. No forms, no compliance deadlines, no extra stress.
FinCEN will still be accepting public comments and may release a final rule later this year—but they’ve made it clear that no major changes are expected to this new, narrowed-down version.
Let’s Talk!
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