Federal Court Reinstates Farmer Registration Deadline

A recent ruling by the Fifth Circuit Court of Appeals has reinstated the requirement for farmers and other businesses to file Beneficial Ownership Information (BOI) with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) by January 1, 2025. This decision reverses a previous injunction that had temporarily halted the requirement, leading to concerns that many farmers may not be aware of their obligation to file. The American Farm Bureau Federation estimates that over 230,000 farms are required to comply, but less than 11% had done so by October. Failure to file could result in significant penalties, including fines and potential jail time. The Farm Bureau is urging the government to extend the filing deadline to allow more farmers to comply. Farmers are advised to consult an accountant or attorney to determine if they must file their BOI with FinCEN.