New Beneficial Ownership Information Report Requirement

There is a new and important reporting requirement mandated by the Financial Crime Enforcement Network (FinCEN) of the US Department of the Treasury, under the Corporate Transparency Act called the Beneficial Ownership Information report. Many small business are now required to file this and we want you to be informed.

What is the Beneficial Ownership Information Report?

The Beneficial Ownership Information (BOI) report is a new filing requirement aimed at increasing transparency and combating financial crimes. This primarily affects smaller businesses, defined as entities with 20 or less full-time employees and under $5 million in revenue. While there are 22 other exemptions, they typically do not apply to most wine businesses.

Who Needs to File?

Unless exempt, all companies formed by filing with their state’s Secretary of State must comply with this new requirement. Key deadlines include:

  • Companies formed prior to 2024: Must file by January 1, 2025.
  • Companies formed in 2024: Must file within 90 days of formation.
  • Companies formed in 2025 and onward: Must file within 30 days of formation.

What Information is Required?

The BOI report is straightforward and requires the following information:

  • Company name, EIN, and address
  • Names, addresses, and identification of the beneficial owners
  • For businesses formed in 2024 and later, details of the individual(s) who filed the initial formation documents with the state’s Secretary of State

Who Qualifies as a Beneficial Owner?

Beneficial owners are individuals who:

  • Hold 25% or more ownership interest, or
  • Have substantial control over the company, such as C-Suite officers

For detailed criteria, please visit FinCEN’s BOI page.

Penalties for Non-Compliance

There are significant penalties for either intentionally filing false information or failing to file the BOI report:

  • Civil penalties up to $500 per day
  • Criminal penalties including up to 2 years imprisonment and/or fines up to $10,000

Allen Wine Group is here to help. If you would like assistance to see if you are required to file the BOI report, don’t hesitate to reach out as we are happy to help.

Contact Us Today

If you would like to schedule a consultation to discuss the new Beneficial Ownership Information reporting process with our team, please contact Tim Allen at Allen Wine Group.


We are the experts you can trust to maximize your winery’s growth and success.


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