A Roller Coaster of Beneficial Ownership Regulation
You know that term “moving target”?
The roller coaster of changes to the beneficial ownership information filing requirement for farms and other small businesses may finally be coming to an end.
Dustin Sherer, director of government affairs for the American Farm Bureau Federation…
“On X, the Treasury Department announced that, in addition to that relief, they will not require any domestic company or its beneficial owners to file their information with the federal government.”
The Treasury Department also says it will craft an interim final rule that focuses on foreign companies. Since this discussion started, there have been varying levels of opposition.
“Right now, it's facing something like at least 10 different lawsuits all over the country. You've got cases in federal district courts. You've got rulings from those federal district courts that have been appealed to the courts of appeal in various jurisdictions. You've had a bill to delay the enforcement unanimously pass the House, and you've had letter writing campaigns from outside organizations, including Farm Bureau.”
Already file and wondering what the future is for that information you submitted? Sherer says those are questions they also have and will be part of their future focus.
Thank you to the American Farm Bureau for the update.
