Virginia farmers who operate as a corporation, LLC or limited partnership should be aware they now are required to report additional small business entities in which they have an ownership stake.
The Corporate Transparency Act is a federal law passed in 2021 under which new reporting requirements are being implemented in 2024. The law was created to curb illicit financial transactions and money laundering, and it requires most registered companies to complete Beneficial Ownership Information Reports. The U.S. Treasury’s Financial Crimes Enforcement Network will build a national registry of beneficial owners.
Tony Banks, senior assistant director of agriculture, development and innovation for Virginia Farm Bureau Federation, said there is no filing fee and encouraged farmers “to get this done before the deadlines.”
Companies are now required to provide operational information, including details about each beneficial owner. A beneficial owner is anyone who owns at least 25 percent of the...