The Montana Farm Bureau applauds the recent injunction ordered by the federal court in the Eastern District of Texas halting enforcement of the Beneficial Ownership Information (BOI) filing requirements under the Corporate Transparency Act (CTA). The requirement essentially requires the filing of private business ownership information with the federal government. The latest development was that LLCs and other small enterprises needed to file a BOI by the end of this year or face steep fines. However, questions continue to swirl around regarding who is required to file and who will have access to the confidential data being collected.
Montana Farm Bureau President Cyndi Johnson noted that although there is a reprieve from filing your BOI information by the year’s end, one should still be prepared should the injunction not stand.
“Although we are pleased that there was a temporary injunction halting the Financial Enforcement Network’s (FINcen) Beneficial Ownership Information (BOI) requirement, we still urge our farming and ranching members to reach out to their account or tax attorney to get advice,” said Johnson. “If the injunction gets lifted and the requirement goes into effect again, it would be wise to have your documents ready to go.”
Johnson added, “I feel that completing the Beneficial Ownership Information requirement isn’t onerous, but it also isn’t necessary for the small corporations, LLCs, and business models we use in American family farming. However, until we get decent sideboards on mandatory reporting, we need to be prepared to file under the rules that exist.”
American Farm Bureau President Zippy Duvall noted, “Farm Bureau has long fought against the mandated disclosure of farmers’ private business information to the federal government in several different scenarios. For a second time this year a federal court has ruled that the CTA oversteps the Constitution on that front. We appreciate the temporary reprieve provided by the injunction and hope Congress can take a cue from the courts in the coming weeks to provide a more permanent resolution to this problematic policy.”
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