NASHVILLE, TN – U.S. farms and rural businesses organized as domestic companies are no longer required to file Beneficial Ownership Information reports with the Financial Crimes Enforcement Network. The Trump administration has finalized protections that remove the reporting burden for domestic entities.
The change covers companies formed in the United States, including farm corporations and limited liability companies that previously might have been subject to reporting requirements under the Corporate Transparency Act. Certain foreign entities registered to operate in the United States remain covered.
For producers, the rule removes another federal compliance requirement involving ownership records, filing deadlines, and potential penalties. NFIB says the change protects more than 32 million U.S. small businesses.
However, the underlying Corporate Transparency Act remains federal law. A regulatory exemption can provide relief, but only Congress can permanently repeal the statutory reporting mandate.
House and Senate legislation would repeal the Corporate Transparency Act, but neither measure has passed Congress. Until Congress acts, farms and other small businesses remain dependent on the regulatory exemption’s continued existence.
Farm-Level Takeaway: Domestic farms are exempt from BOI reporting today, but congressional repeal is the only permanent solution.