Farmers & Ranchers, This Is Urgent!

Heads up!

Many farm, ranch, and ag businesses have until December 31 to file their initial Beneficial Ownership Information Report (BOIR).

Starting in 2024, this new rule, created by the Corporate Transparency Act (CTA), is aimed at preventing illegal activities by tracking who really owns or controls businesses—including many farms and ranches.

What is the CTA & Do You Need To File?

The CTA is a new law that requires businesses to tell the government about their "beneficial owners." These are folks who own at least 25% of the business or have significant control over it. It covers common business setups like:

  • LLCs

  • Corporations

  • Limited Liability Partnerships (LLPs)

Even small or family-owned farms are included, so if you’ve registered your farm with your state’s Secretary of State, you’ll likely need to file. There’s no exemption for agriculture or small businesses​.

 *23 categories of entities are exempt. For a full list, visit: 31 CFR § 1010.380(c)(2).

What Gets Reported?

If you’re running a “reporting company,” you must file a BOIR with the Financial Crimes Enforcement Network (FinCEN). Here’s what you need to report:

  • For Companies: Legal name, any DBA names, state of formation, principal place of business, EIN. 

  • For Beneficial Owners: Legal name, date of birth, address, ID number (e.g., passport, driver’s license), and a scanned ID document

Important Deadlines

Mark your calendar! Filing deadlines depend on when your business was formed:

  • Existing Companies (formed before 1/1/24): Initial filing by January 1, 2025. 

  • New Companies (formed after 1/1/24): 90 days after formation. 

  • New Companies (formed after 1/1/25): 30 days after formation. 

  • Ownership Changes: Update within 30 days of any change in beneficial ownership.

Why Should You Care?

Non-compliance is no joke. If you miss filing or get it wrong, fines can go up to $500 per day, capped at $10,000, with potential jail time of up to 2 years​.

Need Help?

If you’re unsure, talk to your attorney, accountant, or tax advisor. Getting ahead of this now will save you from headaches—and penalties—down the road.

Stay compliant and keep your farm business running smoothly!