Review Corporate Transparency Act To Avoid Penalties & Superior Livestock Auction

EPISODE 41 DETAILS

Producers Need To Review The Corporate Transparency Act To Avoid Costly Penalties

The Corporate Transparency Act, passed by Congress in 2021, requires companies to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Department of the Treasury. The goal of the legislation is to reduce financial crime, but the new mandate will impact farmers and ranchers whose operations have fewer than 20 employees and are structured as corporations such as limited liability companies (LLC) or companies that are registered with the secretary of state.

Farms and ranches that are structured as corporations, LLCs, or other entities that file with the secretary of state may be subject to the Corporate Transparency Act and required to file a “beneficial ownership” report with the Financial Crimes Enforcement Network, identifying the individuals who own or manage the operation. For companies registered and operating before January 1, 2024, the deadline to file this report is the end of 2024. Companies registered or created in 2024 have 90 days from the date of registration or creation to file their beneficial ownership report. In 2025, the reporting period will be reduced to 30 days. Again call your tax professionals for further details. To review the Small Entity Compliance Guide, click HERE.

Superior Livestock Auction’s Video Royale Sale

In other news Superior Livestock Auctions wrapped up their Superior Video Royal Sale at the end of last week. Depending on the region, feeder steers were mostly $5.00 to $8.00 lower and feeder heifers were $2.00 to $6.00 lower when compared to Superior Livestocks Week in the Rockies Sale. Full results click HERE.

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