Farmers Avoid Costly Treasury Filing Requirement

Farmers, ranchers, and small business owners are no longer required to file beneficial ownership information with the Treasury Department’s Financial Crimes Enforcement Network. A new interim rule ends the Biden-era mandate, which was set to take effect January 1. National Cattlemen’s Beef Association’s Kent Bacus called the change a major relief, saying, “There was a lot of concern that many businesses who were unaware of this could get caught up in the compliance part of it. And that could have led to prison time for some people.” The rule now limits the reporting requirement to foreign-owned companies.