REGULATIONS NOT BUSINESS AS USUAL Corporate Transparency Act requires new federal report BY MELINDA WALDROP MANAGING EDITOR federal regulation that goes into effect in January may take many business owners, including farmers and ranchers, by surprise. A The 2021 Corporate Transparency Act (CTA) mandates that millions of businesses, including farms and ranches, file a report on all beneficial owners with at least 25% ownership of the company. Businesses must submit a Beneficial Ownership Information (BOI) report by Jan. 1, 2025 to the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN). The act is designed to curb illicit finance by requiring companies doing business in the U.S. to report information about the individuals who ultimately own or control them, according to FinCEN's website. But it has sparked controversy, pushback and legal action. " For too long, criminals have hidden behind anonymous shell companies to launder the proceeds of illicit activities like corruption and 44 NOVEMBER/DECEMBER 2024