If you operate your farm as a corporate entity or LLC and were operational before January 1, 2024, you are required to submit beneficial ownership information under the Corporate Transparency Act. The preliminary injunction from earlier this month was lifted on December 23, meaning the original January 1, 2025, deadline to file Beneficial Ownership Information has been reinstated. Farms are not exempt from filing requirements.  The Beneficial Ownership Information process can be completed online, requiring a tax ID (EIN) for the entity, address, owner(s) name(s), and a government-issued ID number for owner(s) (drivers license, passport, etc.).

Please see the NC State Extension FarmLaw article on the updated reporting requirements for small businesses for more information.