As Jan. 1 approaches, over 230,000 farms and small businesses face an urgent deadline to comply with the Corporate Transparency Act (CTA). Passed in 2021, the CTA aims to curb money laundering and organized crime by requiring businesses to disclose their Beneficial Ownership Information (BOI) to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN).
In this Ag Insider, economist Tyler Oxner shares how this rule could impact more than 230,000 American farms, including some in Arkansas.