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Top Headlines: Trump For Agriculture, Register Your Business Deadline & Cattle Industry News
Season 4 Episode 213
We find out what The Trump Administration could have in store for agriculture. Plus producers need to register your business now, USDA Leadership named, retail meat sales, market recaps, cattle for sale and lots more on this all new episode of the Ranch It Up Radio Show. Be sure to subscribe on your favorite podcasting app or on the Ranch It Up Radio Show YouTube Channel.
Top Headlines: Trump For Agriculture, Register Your Business Deadline & Cattle Industry News Why Trump Supports Agriculture Agriculture: President Trump Views ImportanceWhat could the new Trump Administration do for agriculture? Justin Tupper, President of the U.S. Cattlemen's Association and owner/manager of St. Onge Livestock in St. Onge, South Dakota shares his thoughts.
Why Your Business Must File With Government Deadline: Farmers & Ranchers Must File BOI Report Avoid Fines & Jail TimeAttention farmers, ranchers, agricultural and/or small businesses: A critical deadline is approaching. By January 1, 2025, thousands of farms must file Beneficial Ownership Information (BOI) with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) or face severe consequences, including hefty fines and possible jail time.
Who Needs to File?Under the Corporate Transparency Act of 2021, businesses must register any “beneficial owner” to help combat money laundering. This law applies to farms structured as:
- C-corporations
- S-corporations
- Limited Liability Companies (LLCs)
Specifically, farms with fewer than 20 employees or generating less than $5 million in cash receipts must comply. This requirement impacts the majority of farms, with one report estimating over 230,000 farms are affected. However, government data reveals less than 11% of eligible businesses have filed so far.
The Consequences of Non-ComplianceFailing to file BOI or neglecting to update records can lead to:
- Criminal fines up to $10,000
- Civil penalties of up to $591 per day
- Potential felony charges with prison sentences of up to two years
The financial and legal risks make it essential for farmers to act promptly.
What Should Farmers Do?Farmers uncertain about their filing obligations should immediately consult with a qualified accountant or attorney. These professionals can assess your business structure and ensure compliance with BOI requirements.
Don’t Wait Until It’s Too LateThe clock is ticking. Protect your farm, avoid penalties, and stay compliant. Take action now to file your BOI by the January 1, 2025, deadline.
Click HERE for Additional Information
Top Cattle Industry News Brooke Rollins Tapped To Lead USDA Under President-Elect TrumpPresident-elect Donald Trump has chosen Brooke Rollins, former White House domestic policy adviser and current CEO of the America First Policy Institute, to lead the U.S. Department of Agriculture (USDA).
Rollins, a Texas native with strong ties to agriculture and conservative advocacy, previously led the Texas Public Policy Foundation, championing causes like school choice and fossil fuels. If confirmed, she will become the second woman to head the USDA, following Ann Veneman under President George W. Bush.
With a $200 billion budget and nearly 100,000 employees, the USDA oversees programs like SNAP, WIC, and school meals. Rollins may also tackle the reauthorization of the massive farm bill, which funds farmer safety nets, rural development, and nutrition programs.
Her leadership could drive Trump’s agenda to streamli
Published on 1 year ago