Corporate Transparency Act deadline approaching for farmers and ranchers
Any place operating as a c-corporation, s-corporation, or LLC must register if they employ fewer than 20 people or receive under $5 million in cash receipts.
By News Channel NebraskaA critical deadline with steep penalties is coming up quickly for farmers and ranchers across the state.
The Nebraska Farm Bureau is reminding those small businesses about The Corporate Transparency Act of 2021.
“The use of Limited Liability Companies (LLCs) and other formal organizational structures serve as important tools for numerous farms and ranches to maintain a distinction between personal and business assets. However, small businesses frequently do not have the personnel necessary to monitor and adhere to evolving rules and regulations. It is evident that a significant number of farm and ranch families are unaware of the recent filing obligations,” said Mark McHargue, Nebraska Farm Bureau president.
It states any place operating as a c-corporation, s-corporation, or LLC must register if they employ fewer than 20 people or receive under $5 million in cash receipts.
“It is critical for Nebraska’s farmers and ranchers to be aware of and understand these new requirements is essential for staying compliant. Producers should be reviewing their ownership structure and gathering the necessary information about beneficial owners.” said McHargue.
By not filing or updating those records as necessary, farmers or ranchers could be fined up to $10,000, face additional financial penalties, felony charges and even jail time.
The filing deadline for Beneficial Ownership Information with the U.S. Department of Treasury is January 1, 2025.