The Department of Treasury announced on March 2, 2025, they will not enforce the previously set March 21 deadline for Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA). Reporting compliance is no longer mandatory, and no penalties or fines will be enforced at this time for United States citizens and domestic reporting businesses. The Department also stated that it will be proposing a new rule which will narrow the scope of reporting requirements to foreign reporting businesses only. Even after the new rule goes into effect, United States citizens and domestic reporting businesses will not be subject to the reporting requirements or any penalties or fines. The announcement follows a series of lawsuits and injunctions challenging the constitutionality of the reporting requirements as written.

What does this update mean for farmers and agricultural business owners?

For now, BOI reporting is not required unless your business is owned by a citizen of, or business that was organized in, a foreign country. Given the uncertain history of the reporting requirements, it may still be a good idea to have your business’ information organized and prepared to comply with the CTA, should that become necessary. However, for the protection of your business’s private information, it is equally important to safeguard any documents and data you have compiled for BOI reports that your business has already filed or has prepared to file. Check back for developments.

Learn more about the Corporate Transparency Act and Beneficial Owner Information reporting as required by the initial reporting requirements.