Court Decision Rules LLC Owners Still Need to File BOI Form

(Undated) -- Farmers and other LLC owners will have to file the Beneficial Ownership Information form after all. Earlier this month, a district court put a stay on it, but a decision from a federal court of appeals today put it back in play. Failure to file by January 1st could result in steep fines or even jail time.

Kristine Tidgren is with the Center for Agricultural Law and Taxation.

"$591 per day, so it is very steep," Tidgren says.

A release from the American Farm Bureau Federation says more than 230,000 farms across the country are required to file but just 10% had done so as of October. More information can be found here.