New Reporting Requirement Affects Many Agricultural Businesses
Many agricultural businesses use business entities such as a limited liability company (LLC) or a corporation to own assets and/or operate under in today’s agriculture. The Corporate Transparency Act (CTA) requires these companies to report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network by January 1, 2025. Any person who willfully violates the BOI reporting requirements of the CTA may be subject to civil penalties of up to $500 for each day that the violation continues, adjusted annually for inflation. A person who willfully violates the BOI reporting requirements may also be subject to criminal penalties of up to two years imprisonment and a fine of up to $10,000. Learn more about the requirements and how to file a BOI report here.
Sign-up for Livestock-Related Custom Rates Survey
The 2025 Livestock Custom Services Survey is ready for your participation! Please complete a survey if you provide livestock related custom services in Nebraska or if you utilize custom services for your livestock operation. The 2025 survey includes information on custom land and pasture maintenance rates, fencing and trenching work, common custom services by livestock species (cows, calves, hogs, poultry, and sheep), livestock hauling rates, custom feed preparation, haying and baling, livestock and hay storage facility rental rates, equipment rental rates, manure pumping, hauling, and application rates. Surveys are to be returned by February 28, 2025, and a custom rates report for livestock related services will be published soon after that.
