EPISODE 56 DETAILS

Farmers & Ranchers Need To Register By January 1, 2025

Time is Running Out: Farmers Must File BOI by January 1, 2025, to Avoid Fines and Jail Time

Attention farmers and agricultural businesses: A critical deadline is approaching. By January 1, 2025, thousands of farms must file Beneficial Ownership Information (BOI) with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) or face severe consequences, including hefty fines and possible jail time.

Who Needs to File?

Under the Corporate Transparency Act of 2021, businesses must register any “beneficial owner” to help combat money laundering. This law applies to farms structured as:

• C-corporations
• S-corporations
• Limited Liability Companies (LLCs)

Specifically, farms with fewer than 20 employees or generating less than $5 million in cash receipts must comply. This requirement impacts the majority of farms, with one report estimating over 230,000 farms are affected. However, government data reveals less than 11% of eligible businesses have filed so far.

The Consequences of Non-Compliance

Failing to file BOI or neglecting to update records can lead to:

• Criminal fines up to $10,000
• Civil penalties of up to $591 per day
• Potential felony charges with prison sentences of up to two years

The financial and legal risks make it essential for farmers to act promptly.

What Should Farmers Do?

Farmers uncertain about their filing obligations should immediately consult with a qualified accountant or attorney. These professionals can assess your business structure and ensure compliance with BOI requirements.

Don’t Wait Until It’s Too Late

The clock is ticking. Protect your farm, avoid penalties, and stay compliant. Take action now to file your BOI by the January 1, 2025, deadline.

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REFERENCES

https://www.kxnet.com/news/top-stories/farmers-face-fines-jail-if-they-dont-register-under-this-federal-program-by-jan-1-2025/