In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports. More information is available on FinCEN’s website at https://www.fincen.gov/boi
BOI Updated Filing, Compliance, And Penalties

BOI Updated Filing, Compliance, And Penalties

Aug 23, 2024 | HOA BOI

Noncompliance with the requirements under the Corporate Transparency Act can carry a hefty BOI penalty. Reporting companies, which can include homeowners associations, should be aware of the potential consequences ahead of time. Understanding CTA Requirements and BOI...
Do HOAs Report Beneficial Ownership Under CTA?

Do HOAs Report Beneficial Ownership Under CTA?

Aug 23, 2024 | HOA BOI

The Corporate Transparency Act (CTA) requires various companies to file information on their beneficial owners with the Financial Crimes Enforcement Network (FinCEN). This begs the question: Are HOAs included in the filing? Should your HOA report beneficial ownership?...
Understanding The Corporate Transparency Act And BOI

Understanding The Corporate Transparency Act And BOI

Aug 23, 2024 | HOA BOI

The newly effective Corporate Transparency Act is a federal law that aims to enhance U.S. national security. It has several reporting requirements, which apply to a wide range of organizations operating in the United States. What Is the Corporate Transparency Act...
HOA Management Company BOI Reporting

HOA Management Company BOI Reporting

Aug 23, 2024 | HOA BOI

Homeowners associations rely on management companies to help with tax filings and legal compliance. But what about the newly enacted Corporate Transparency Act? What are the HOA management company’s roles and responsibilities regarding filing? Let’s discuss everything...
A Guide On BOI For HOAs

A Guide On BOI For HOAs

Aug 23, 2024 | HOA BOI

The Corporate Transparency Act (CTA) has finally taken effect, and with it come several filing requirements for homeowners associations. What is the BOI report for HOAs, and how can board members go about filing it? An Overview of the Corporate Transparency Act The...