Farm Commons Provides Update on Beneficial Ownership Information Reporting

The implementation of a federal requirement for reporting ownership of LLCs and corporations faces an uncertain future, but agricultural business owners should pay careful attention to developments regarding it, says Farm Commons in a blog post. Farmers need to be aware of a possible January 8, 2025, deadline for Beneficial Ownership Information (BOI) Reporting. An injunction delayed this deadline, but a stay on the injunction could re-instate that date, and failing to report ownership by the deadline can result in substantial fines. Farm Commons has created a video to walk farmers through the reporting process.