It’s the Ranch It Up Radio Show Herd It Here Weekly Report!  A 3-minute look at cattle markets, reports, news info, or anything that has to do with those of us who live at the end of dirt roads.  Join Jeff 'Tigger' Erhardt, the Boss Lady Rebecca Wanner aka 'BEC' by subscribing on your favorite podcasting app or on the Ranch It Up Radio Show YouTube Channel.

Attention farmers and agricultural businesses: A critical deadline is approaching. By January 1, 2025, thousands of farms must file Beneficial Ownership Information (BOI) with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) or face severe consequences, including hefty fines and possible jail time.

Who Needs to File?

Under the Corporate Transparency Act of 2021, businesses must register any “beneficial owner” to help combat money laundering. This law applies to farms structured as:

Specifically, farms with fewer than 20 employees or generating less than $5 million in cash receipts must comply. This requirement impacts the majority of farms, with one report estimating over 230,000 farms are affected. However, government data reveals less than 11% of eligible businesses have filed so far.

The Consequences of Non-Compliance

Failing to file BOI or neglecting to update records can lead to:

The financial and legal risks make it essential for farmers to act promptly.

What Should Farmers Do?

Farmers uncertain about their filing obligations should immediately consult with a qualified accountant or attorney. These professionals can assess your business structure and ensure compliance with BOI requirements.

Don’t Wait Until It’s Too Late

The clock is ticking. Protect your farm, avoid penalties, and stay compliant. Take action now to file your BOI by the January 1, 2025, deadline.

Trans Ova Genetics

https://transova.com/

@TransOvaGenetics

American Gelbvieh Association

https://gelbvieh.org/

@AmericanGelbvieh

Allied Genetic Resources

https://alliedgeneticresources.com/

@AlliedGeneticResources

Clear Springs Cattle Company

https://www.bredforbalance.com/female-sale

Axiota Animal Health

https://axiota.com/

@MultiminUSA

https://jorgensenfarms.com/

@JorLandCat

Ranch Channel

https://ranchchannel.com/

@RanchChannel

Call or Text your questions, or comments to 707-RANCH20 or 707-726-2420

Or email [email protected]

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AND how is that? Because of Tigger & BEC... Live This Western Lifestyle.

Tigger & BEC represent the Working Ranch world by providing the cowboys, cowgirls, beef cattle producers & successful farmers the knowledge and education needed to bring high-quality beef & meat to your table for dinner.

Learn more about Jeff 'Tigger' Erhardt & Rebecca Wanner aka BEC here: TiggerandBEC.com

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https://www.kxnet.com/news/top-stories/farmers-face-fines-jail-if-they-dont-register-under-this-federal-program-by-jan-1-2025/