Beneficial Ownership Information (BOI) Reporting Requirement for Farmers

file your BOI with FinCEN

PLEASE NOTE: On March 2, 2025, the U.S. Department of the Treasury announced it will not enforce any penalties or fines under existing regulatory deadlines related to the Corporate Transparency Act. The U.S. Department of the Treasury also announced that it will issue proposed rulemaking which will narrow the scope of the rule so that it will only apply to foreign reporting companies and will not enforce penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners. Under current regulations, “domestic reporting companies” are companies formed in the U.S. by filing a document with the secretary of state or a tribunal.

Farmers are encouraged to contact an accountant or attorney if they are unsure whether they are required to file their business’s ownership information with FinCEN.

Background

The Corporate Transparency Act of 2021 required businesses to register any “beneficial owner” of a company in an effort to combat money laundering and corrupt financial transactions. Certain business entities were exempt from the reporting requirement, but most entities (including most farms) were required to report beneficial ownership information (“BOI”) during 2024 or by January 1, 2025 (depending upon the date of formation).  The deadline was extended due to several court rulings with a resulting deadline of March 21, 2025. The requirement to file company BOI applied to limited partnerships, corporations and LLCs, regardless of whether the company was domestic or foreign. Failure to report BOI carried criminal penalties of up to $10,000 and two years in prison, in addition to civil penalties of up to $591 per day (penalties adjusted annually for inflation).

On February 27, 2025, FinCEN announced that it would not issue any fines or penalties or take any other enforcement actions against any companies for failure to file or update BOI reports pursuant to then existing deadlines. FinCEN also announced its intention to issue an interim final rule by no later than March 21, 2025. Given the U.S. Department of Treasury’s March 2, 2025 announcement, it is anticipated that the interim final rule and future rulemaking will only require foreign reporting companies registered to do business in the U.S. to report BOI. Under current regulations, “foreign reporting companies” are formed in non-U.S. jurisdictions and registered with a secretary of state or similar office in the U.S.

Please consult your legal and financial advisors for the most up to date requirements and deadlines.

How Do Farms/Businesses File?

FinCEN has created a YouTube video that steps businesses through the process of creating a BOI report.

Visit fincen.gov/boi to file your BOI with FinCEN.