Late-in-the-year court ruling puts farmers in a frustrating fix

A last-minute court of appeals ruling could put many farmers in legal crosshairs for failing to register their businesses with the federal government. Farmers who operate corporations and limited liability companies are once again required to file Beneficial Ownership Information with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) or face stiff fines or jail time.

A federal district court ruled earlier in December to halt the requirement, but today the United States Court of Appeals for the Fifth Circuit lifted the injunction, meaning a Jan. 1, 2025 deadline is back in effect. Analysis from AFBF economists shows more than 230,000 farms are required to file, but as of October, less than 11% of all eligible businesses nationwide had done so.

“Farm Bureau is very disappointed in the court of appeals decision to reinstate the Jan. 1 filing deadline,” said Zippy Duvall, AFBF President. “It’s clear than many farmers aren’t aware of the filing requirement because of lack of guidance and the government’s poor public outreach.… Continue reading