Deadline Approaching for New Federal Financial Reporting Requirement

Certain wineries must report Beneficial Ownership Information to FinCEN by Jan. 1

Wine Institute members are advised of the upcoming deadline for U.S. businesses to comply with a new Beneficial Ownership Information (BOI) reporting requirement. The new requirement is a result of the Corporate Transparency Act that was enacted in 2021 and requires certain businesses to report BOI to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). Covered businesses must file this information by Jan. 1, 2025.

Information on the new reporting requirement, including information on how to file, what BOI must be reported and which businesses are exempt from the requirement can be found on the FinCEN BOI site. The site includes special resources for small businesses, a five-minute demonstration video on how to file and an extensive FAQ document.

Members that have not already reported the required information should consult the FinCEN resources or their accountant or tax preparer to determine what actions should be taken.