Beneficial Ownership Filing Requirement on Hold Again
Dustin Sherer
Director, Government Affairs
Chad Smith
Associate News Service Editor, NAFB
photo credit: Colorado Farm Bureau, Used with Permission
Dustin Sherer
Director, Government Affairs
Chad Smith
Associate News Service Editor, NAFB
The Beneficial Ownership Information filing requirement is once again lifted. Chad Smith has more.
Smith: Farmers and ranchers may be feeling like they’re on a roller coaster when it comes to Beneficial Ownership Information reporting requirements. A previously reinstated filing requirement has once again been put on hold. Dustin Sherer, director of government affairs for the American Farm Bureau Federation, says a federal court has again delayed a requirement to report information to the Financial Crimes Enforcement Network, or FinCEN.
Sherer: The same circuit court, but a different panel, the Merits Panel, said we agree to hear this appeal, but we are vacating the stay of the injunction that was issued in the meantime, in order to maintain the constitutional status quo. Once again, we are back where we were on December 3, which is there is no filing deadline for this information, as of right now.
Smith: Sherer says farmers and ranchers may have to wait a little while longer before a permanent decision is made.
Sherer: I would expect something to happen within the next month or two, but obviously, that also coincides with some political changes. We have a new Congress getting sworn in January 3. We have a new administration getting sworn in on January 20. I expect the incoming administration to have a different view of the Corporate Transparency Act than the current one.
Smith: He says any small business owner who may be required to file should have their paperwork in place, just in case.
Sherer: That is our recommendation. If you have consulted with an attorney or CPA or looked at the rules yourself and believe that you are a business owner who has a small business who is subject to these filing requirements, it is our strong recommendation that you have all this information gathered up and ready to file, should the court decide to reinstate the deadline at some point in the near future.
Smith: For more information, go to fb.org. Chad Smith, Washington.
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