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(Ames, IA) -- Iowans who own an LLC are facing a deadline to file a new federal form, whether they own a business or a farm. It's called the Beneficial Ownership Information Report.
Kristine Tidgren is with Iowa State's Center for Ag Law and Taxation (CALT).
"Probably 32 million entities (nationwide) that were in existence at the beginning of 2024 are required to file these reports," Tidgren says.
It had initially been due at the end of the year, but a court injunction makes filing the report technically voluntary. Tidgren advises filing it anyway because the government is appealing that ruling.
"Go ahead and file because that way if the injunction is lifted January 2nd all of a sudden it's required to file and your deadline was technically January 1st," Tidgren says. "You don't want to be left in that situation."
If the injunction is lifted and an LLC owner is late, the penalty can be steep.
"$591 per day," Tidgren says. "So it is very steep."
There's more on this from CALT here.
The Iowa Secretary of State's Office says there 194,085 Domestic LLCs in Iowa, and 20,252 Foreign LLCs in Iowa.