AFBF: 230,000 Farms Affected by Beneficial Ownership Reporting Rules

Article excerpts:

“The American Farm Bureau Federation is warning farmers and other rural businesses about the approaching Jan. 1, 2025, deadline to provide business ownership information to the U.S. Treasury Department.

AFBF estimates more than 230,000 farmers are affected by the Beneficial Ownership Information (BOI) provisions of the Corporate Transparency Act (CTA).

Passed in 2021, the CTA requires business ownership interests to file a report with Treasury. The law was created through a provision in the National Defense Authorization Act to reduce financial crimes such as tax fraud and money laundering. It was also passed coming out of the pandemic when there was a great deal of fraud -- more than $200 billion -- tied to problems such as Small Business Administration (SBA) disaster loans.”

Link to article: HERE