Nov 13, 2024
Have you filed your CTA report yet? (Do you even know what that means?) This is a fairly "new" (and unknown) legal requirement and I'm discovering that a lot of farm business owners have no idea about it. As a business, you may have to file a report, and you have until December 31, 2024, to do so (or face some big fines).
In this episode, I break down the Corporate Transparency Act and its implications for business owners, especially small farms. With insights from my lawyer Richard Chamberlain, we dive into the federal reporting requirements designed to identify your beneficial owners and prevent money laundering and fraud. Learn what your business needs to do to comply and avoid hefty penalties.
Tune in to find out how this law impacts your business and the steps you need to take before December 31, 2024! Your homework is to TAKE CARE OF THIS by the end of the year! It only takes 10 minutes. Do it this week!
This podcast was sponsored by Local Line, my preferred e-commerce platform for farmers. Are you looking for a new solution for your farm? I can't recommend it enough. Easy to use inventory management, great customer service, continuous improvement, and a culture dedicated to equipping farmers with marketing expertise, Local Line should definitely be one of the e-commerce solutions you consider as you switch. Local Line is offering a free premium feature for free for one year on top of your paid subscription. Claim your discount by signing up for a Local Line account today and using the coupon code: MDF2024. Head to my special affiliate link to get started: www.mydigitalfarmer.com/localline
Financial Crimes Enforcement Network (FinCEN): www.Fincen.gov/boi
FAQs on Beneficial Owners - https://fincen.gov/boi-faqs
The Small Entity Compliance Guide: https://fincen.gov/boi/small-entity-compliance-guide
Create a FinCEN ID - https://fincenid.fincen.gov/landing
Where to file your BOI report - https://boiefiling.fincen.gov/
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Farm Marketing School - my monthly online marketing school membership just for farmers. Farm Marketing School is an on-demand library of marketing workshops and project plans that will help you build some of the most important parts of your marketing system: building a promotion calendar, setting up your Google Business Profile, auditing your sales funnel, updating your home page of your website, building your first email nurture sequence, acquiring and deploying testimonials, writing great weekly email promotions, nurture emails, onboarding emails, and practicing different types of offers. You get to chose what you want to study and build each month. These projects are designed to be completed in under 30 days, so that you slowly build your marketing system piece by piece. Use the step by step project planner and resource folder to help you jumpstart your work. Take advantage of my new marketing crash course inside or take the onboarding assessment tool to help you identify where your funnel is broken and what project to do first. To see what courses are currently inside of FMS, or to try out Farm Marketing School for a month at mydigitalfarmer.com/fms Start and cancel your membership anytime.