Corporate Transparency Act Deadline Looms

Lorrie Boyer

Reporter

Welcome to the line on agriculture report, I’m Lorrie Boyer for the Ag Information Network. The Corporate Transparency Act, passed in 2021, requires registered business owners to file beneficial ownership information by January 1, 2025. This will impact the majority of American farmers and ranchers. Samantha Ayoub, the new Associate Economist with the American Farm Bureau Federation, weighs in on what this means for the agricultural community.

Originally designed to combat money laundering, criminal activities, and shell companies, the Corporate Transparency Act introduces several hurdles for business owners. This adds a significant administrative burden, particularly for farmers and ranchers, who now face more complex reporting requirements, according to Ayoub.

The filing deadline is coming up on January 1.