Farmers and Ranchers Should Note Upcoming Corporate Transparency Act Deadline

LINCOLN, NEB. – Time is running out for thousands of farmers and ranchers who may face steep fines and possible jail time for failing to file their businesses with the federal government. Jan. 1, 2025, is the deadline to file Beneficial Ownership Information (BOI) with the U.S. Department of Treasury’s new Financial Crimes Enforcement Network (FinCEN) created under the Corporate Transparency Act of 2021.

“The use of Limited Liability Companies (LLCs) and other formal organizational structures serve as important tools for numerous farms and ranches to maintain a distinction between personal and...