Beneficial Ownership Information (BOI)

Has your farm filed a Beneficial Ownership Information (BOI) with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN)? If not, you must file before January 1st, 2025 if your business meets the following requirements is either a c-corporation, s-corporation, or limited liability company (LLC), and employs fewer than 20 employees or receives under $5 million in cash receipts. Failing to file could lead to “criminal fines up to $10,000 and additional civil penalties of up to $591 per day. Failure to file could also lead to felony charges and up to two years in prison”(American Farm Bureau Federation). Unclear guidance and lack of public outreach are now putting thousands of America’s farmers at risk of violating federal law. If you are still unsure if you need to file, contact an accountant or attorney to see whether you are required to file your business’s BOI with FinCEN.

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AFBF: Thousands of Farmers Could Unknowingly Face Federal Fines or Jail Time - Morning Ag Clips