Congress has adopted The Corporate Transparency Act (CTA), requiring domestic reporting companies, including condominium and community associations, to submit information to the federal government regarding the beneficial owner of the corporate entity (i.e., the person who has substantial control or at least 25% ownership interest in the corporate entity) by January 1, 2025. The definition of "beneficial owners" has been extended to include board members of condominium associations.
Associations will need to take action to file necessary reports disclosing beneficial ownership information by the end of 2024. There are significant fines that may be levied for failure to complete this reporting.
The US Department of the Treasury's Financial Crimes Enforcement Network website can be accessed here: https://www.fincen.gov/ The required report can be submitted online.
Learn more here.