Time is running out for thousands of farmers who may face steep fines and possible jail time for failing to file their businesses with the federal government. Jan. 1, 2025, is the deadline to file Beneficial Ownership Information (BOI) with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). New analysis in a Market Intel by American Farm Bureau Federation economists shows more than 230,000 farms are required to file, but government data indicates less than 11% of all eligible businesses nationwide have done so.
