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Over 230,000 farms are up against a Jan. 1, 2025, deadline to file their detailed Beneficial Ownership Information (BOI) with the Treasury Department under the requirements of the Corporate Transparency Act (CTA). Despite facing steep fines and possible jail time for failing to file, less than 11% of eligible businesses nationwide have filed their BOI. Efforts to protect small businesses from these invasive requirements and the harsh punishment for noncompliance have stalled in Congress. Let’s review what the Corporate Transparency Act means for farmers.