Farmers and ranchers who have been following the changes to beneficial ownership filing requirements may soon have a final decision and possibly some relief. Dustin Sherer, director of government affairs for the American Farm Bureau Federation, said the Financial Crimes Enforcement Network recently announced it won’t fine or penalize American companies who fail to file, and an interim rule is in the works.
The Treasury Department also says it will craft an interim final rule that focuses on foreign companies. Sherer said the rule has faced opposition on a number of levels.
However, there are still questions about what happens to the information of small businesses who have already filed.
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