Will I Need to Report my Entity in 2024

The Corporate Transparency Act requires more companies to register with FINCEN starting January 1, 2024. However, your farm may be exempt, but others will not.

We had previously did a webinar on the new Corporate Transparency Act that will start to be implemented beginning January 1, 2023.

The webinar provided a lot of details on what is required. The bottom line is if you have a corporation, LLC, LP, LLP, LLLP or other business entity that must filed with the state, then you are required to register that entity on www.fincen.gov via an online application that will not be available until January 1.

However, there are certain farm entities that are exempt. This is any entity that has at least 20 employees, reports at least $5 million on its latest filed tax return and has a physical presence in the US.

Many farm operations will meet this requirement and will not be required to file, however, most of these owners will have other LLCs, etc. that will need to file. This could be an equipment LLC, a land LLC or any other LLC or related entity. Those will need to file. Having one large farm entity does not exempt the others.

We will keep you posted on this as we get more information. For now, you can access www.fincen.gov to get additional information.