Farm Corporations and Partnerships May Need to File Beneficial Ownership Reports

The federal Corporate Transparency Act that went into effect in 2024 requires most registered companies to complete “Beneficial Ownership Information Reports.” Iowa State University Extension and Outreach explains that companies must provide information about the company, as well as information about each beneficial owner who owns at least 25% of the company, as well as anyone who has “substantial control” over the business. Companies that existed before the start of 2024 have until January 1, 2025, to file the form, while companies created or registered in 2024 will have 90 days after their creation to file. Any company that has already filed its first report will have just 30 days to report any updates, such as a new beneficial owner or a change in address. Penalties for failure to file are substantial. The form may be submitted online.