Farms and other small businesses face a new March 21 deadline for filing ownership disclosure reports with the government after a Texas judge reversed a nationwide stay on the requirement.
The Supreme Court in January ruled against the nationwide stay and the court that imposed it withdrew the injunction last week. The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) subsequently announced that the reporting requirement was back in effect and set the March 21 filing deadline.
The original deadline was Jan. 1.
The American Farm Bureau Federation estimates the Corporate Transparency Act reporting requirement applies to 230,000 farms. The requirement affects farms operated as LLCs, including those with a single member, as well as limited partnerships and S and C corporations.
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