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...
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?...
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...
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...
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...
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...
