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
Who is Required to Report?

Who is Required to Report?

Aug 23, 2024 | HOA BOI

As the new Corporate Transparency Act has taken effect, many homeowners associations ask: who is exempt from BOI reporting? Is the HOA exempt from BOI reporting because it is a non-profit organization? What are the requirements for exemption? Let’s find out. The...
BOI Reporting Requirements: What are They?

BOI Reporting Requirements: What are They?

Aug 23, 2024 | HOA BOI

Legal compliance is an important part of HOA governance. However, it can be challenging—especially when a new law is passed and no one in the community has any experience with it. That is the case with the newly passed Corporate Transparency Act. What are the BOI...
What is a HOA BOI Report?

What is a HOA BOI Report?

Aug 23, 2024 | HOA BOI

Homeowners associations should understand the requirements of the HOA BOI report. Under the Corporate Transparency Act, certain companies must file a report with FinCEN that includes specific information. What is a HOA BOI Report? A HOA BOI report is a Beneficial...
What is the BOI Reporting Rule?

What is the BOI Reporting Rule?

Aug 23, 2024 | HOA BOI

Homeowners associations must familiarize themselves with the BOI reporting rule. This rule was enacted on January 1, 2024, and places certain requirements on qualifying HOAs. Compliance is mandatory unless the HOA falls under one of the exemptions. What is the BOI...
What Is Beneficial Ownership?

What Is Beneficial Ownership?

Aug 22, 2024 | HOA BOI

What is beneficial ownership? To homeowners associations, this is an important question to answer, especially with the new requirements under the Corporate Transparency Act. What is Beneficial Ownership? What does beneficial ownership mean? Beneficial ownership refers...