Farmers, Ranchers Required to File Ownership Information

In 2021, Congress passed the Corporate Transparency Act, requiring businesses to report the identity of their owners.  The goal, prevent crimes by knowing the identity of corporation owners. That means many small businesses like farms and ranches are required to comply with this

Under the Act, companies with 20 or fewer employees are required to report information about their beneficial owners, or the individuals who own at least 25% of the entity’s ownership interest, exercise substantial control over the entity, or receive a substantial economic benefit from the assets of the reporting entity. In more basic terms, you are a beneficial owner if you own at least 25% of a company, control or make major decisions for the company, or receive substantial earnings for the company.

Many cattle raisers may be impacted by this law. Click Here for more information about the requirement.

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