Scherer Smith & Kenny LLP serves mid-sized and fast-growing entrepreneurial companies.  From complex litigation to business, real estate, intellectual property and employment law, our team brings strategic thinking, pragmatism and intense dedication to our clients’ success.

Beneficial Owner Report

We are writing to let you know of an important new federal filing requirement that will likely impact your company or a company in which you are involved.  As of January 1, 2024, there is a new federal filing requirement for all US companies (subject to some limited exceptions). The report is referred to as the BOI Report or Beneficial Owner Report and is being required by FinCEN, a division of the Department of the Treasury. The BOI Report requires that each company provide identification information about its beneficial owners, and certain company representatives (those who helped the company file its organizational document). The BOI Report must be filed online. For new entities (formed 1/1/24 or later), it is due within 90 days of formation. For existing entities, it is due by 01/01/2025. Violations of the law can result in a civil penalty of $500 per day the violation continues and criminal penalties of up to $10,000 and two years in prison. 

If you are an existing client of SS&K we will be sending out shortly a detailed email to you explaining these new requirements.  For all others, please reach out to Heather Sapp at Heather@sfcounsel.com or (415) 433-1099 should you have any questions concerning this new requirement and she will be happy to assist you.