The Community Associations Institute is urging support for H.R. 9045, introduced by Representative Richard McCormick, which seeks to exempt community associations from the Corporate Transparency Act's (CTA) beneficial ownership reporting requirements.
This Act mandates detailed annual filings to the Financial Crimes Enforcement Network (FinCEN), including sensitive information about board members and individuals with substantial control, with noncompliance resulting in severe penalties. The CTA aims to combat money laundering and terrorist financing but imposes significant burdens on community associations. These associations, operating similarly to tax-exempt entities, should receive the same exemptions as other tax-exempt organizations.
The Institute emphasizes the urgency for House members to co-sponsor the bill and for the Senate to introduce a companion bill, urging community members to contact their representatives and advocate for support.
Click here to Contact Your Member of Congress Today in Support of H.R. 9045
Learn more about your board's reporting requirements for the Corporate Transparency Act here.