(Hi-Line) The injunction on farmers being required to fill out a Beneficial Ownership Information form with the U.S. Department of Treasury’s Financial Crimes Enforcement Network is being lifted by a court of appeals ruling.
This means that farmers who have not yet filled out their forms are back on the hook for filing and face stiff penalties if they don’t; the act lists fees of up to 591 dollars a day starting the very first day after the deadline for those failing to file.
The deadline has been extended, though: farmers and mom and pop stores now have until February 13th, 2025 to get their paperwork turned in.
Those unsure where to start are encouraged to ask their tax professional if they’re qualified to help them with this document.
