Farms and small businesses can start filing the ownership reports they are required to provide the federal government under a law intended to curb money laundering.
The Corporate Transparency Act requires businesses to file reports on their ownership with the Financial Crimes Reporting Network, a Treasury Department agency known as FinCEN. The online portal for filing reports opened Monday.
Farms operated as LLCs, including those with a single member, have to file the reports, as well as limited partnerships and S or C corporations, legal experts say. Businesses have until 2025 to file. Businesses will subsequently have 30 days to report changes in ownership or control.
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New companies have 90 days from their creation or registration to file the reports.
On Dec. 21, FinCEN finalized the second of three rules needed to implement the reporting network. The rule details when the business information can be disclosed to government agencies and financial institutions and how the business information must be protected.
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