As of this year, Congress has passed a new set of reporting rules as part of the new Corporate Transparency Act to make it more challenging for bad actors to hide or benefit from ill-gotten gains. These new rules apply to any company with fewer than 20 employees, an operating presence in the U.S. and $5 million or less in gross receipts. If your farm meets these requirements (most in the U.S. will) and doesn’t report, you could face a $500-per-day penalty, a $10,000 fine and two years in prison.

Read more about compliance and what the government is looking for here.

Find a list of frequently asked questions here.