Many ag producers must file a Beneficial Ownership Report with the Financial Crimes Enforcement Network (FinCEN).

Congress passed the Corporate Transparency Act in 2021, requiring certain businesses to report the identity of their owners in order to reduce financial crime. According to a Citrus Industry article, “Many farms and ranches will be required to file beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Department of the Treasury.” See the details of filing below.

Filing a Beneficial Ownership Report

According to the article, a producer whose farm or ranch meets any of the following criteria must file:

  • Employs 20 employees or less.
  • Is a corporation
  • Is a limited liability company (LLC)
  • Is a partnership
  • Was formed as another type of entity by filing a document with the secretary of state or similar state office

The article also shares that “Companies that were registered before Jan. 1, 2024, have until Jan. 1, 2025, to file their reports. Any companies created between Jan. 1, 2024, and Jan. 1, 2025, have 90 days from their creation or registration with the state to submit this report to FinCEN.

Additionally, any updates or corrections to beneficial ownership information must be submitted within 30 days.”

If an ag producer or other business entity is considering NOT filing, think again. The article shares that “Penalties for non-compliance can include a $500-per-late-day fine (up to $10,000) or even prison sentences for refusing to comply with the law.”

How to File

“To comply with the Corporate Transparency Act, any farm required to file must do so online. The form will require a name, date of birth, residential or business address, and a unique identifying number like a driver’s license or passport number.

Producers are encouraged to consult their attorneys to determine if the act applies to them.

More information is available at the online filing website or by reviewing FinCEN’s Small Entity Compliance Guide.”

Griffin Fertilizer is committed to helping both growers and ranchers make sound agronomic and economic decisions in order to maximize the health of their grove and pasture. As a full-service custom dry & liquid fertilizer blender and crop protection product distributor, we will continue our mission to further advance Florida agriculture. For questions -or concerns about your farm or pasture, contact us and one of our team will be in touch.