GREAT FALLS — An important reminder to Montana’s farmers and ranchers to file their businesses with the federal government ahead of the January 1st deadline, to avoid possible fees and even jail time.
With the deadline to file Beneficial Ownership Information just over two months away, less than 11% of all eligible businesses nationwide have filed, per government data.
Nationwide there are 230,000 farms which are required to file.
All C-Corporations, S-Corporations, and LLC farms are required to file if they employ less than 20 employees or receive under $5 million in cash receipts.
Farmers that fail to file could face criminal fines up to $10,000 and additional civil penalties up to $591 a day. Felony charges and up to two years in prison are also a possibility.
