The deadline to comply with the Corporate Transparency Act is quickly approaching (December 31, 2024). What does that mean for homeowners’ associations, which are included in the BOI reporting requirements of the act? Which communities are exempt? What must beneficial owners file with the Department of Treasury and what are the penalties for non-compliance? Dawn Bauman, Senior Vice President of Government and Public Affairs for the Community Associations Institute and Executive Director of the Foundation for Community Association Research, provides an update on the legislation and CAI’s lawsuit to exempt community associations. While CAI continues to work with the Federal Government to repeal or delay the act, Bauman advises HOAs and boards to be prepared to comply by January 1.

Episode Resources:
https://caionline.org/cta

https://cacm.org/resources/corporate-transparency-act/

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