Farmers and ranchers who operate corporations and limited liability companies are once again required to file Beneficial Ownership Information with the Treasury Department’s Financial Crimes Enforcement Network. Dustin Sherer, director of government affairs for the American Farm Bureau Federation, says an appeals court decision overturned a previous injunction that postponed the filing requirement.
Sherer says the measure was originally intended to fight fraud, but the rule is incredibly broad.
Farm Bureau estimates over 230,000 farms are required to file, so contact your accountant or attorney to see if your farm or ranch meets the filing requirements.
Failure to file could lead to felony charges and up to two years in prison, as well as a hefty fine. For more information, go to fb.org.
