As of February 27, 2025, the Financial Crimes Enforcement Network (FinCEN) has announced a suspension of enforcement actions related to the Corporate Transparency Act (CTA).
Communication from Burke, Warren, MacKay & Serritella states:
"Reporting companies, including incorporated community associations, may continue to postpone any further CTA compliance at this time and await the new rules and deadlines. Alternatively, reporting companies may file voluntarily if they wish, but there is presently no penalty for failure to file an initial report or any updated report by March 21, 2025."
We know that FinCEN plans to issue an interim final rule by March 21, 2025, which will extend the BOI reporting deadlines.
This development follows a series of legal challenges and changes affecting the CTA's enforcement. Previously, a federal judge in Texas had issued an injunction blocking the enforcement of the CTA, which was later lifted, reinstating the reporting requirements. Now, with FinCEN's recent announcement, compliance is once again on hold pending the release of new rules and deadlines.
Navigating these regulatory changes can be complex, especially for small condominium associations. At Haus Financial Services, we specialize in supporting associations with up to 20 units, offering tailored financial and administrative services to ensure financial stability and legal compliance. Our expertise can help your association adapt to evolving requirements and maintain seamless operations.
For personalized assistance in managing your association's financial and compliance needs, consider reaching out to our expereinced team. Our team is dedicated to providing the support necessary to navigate these changes effectively.
Read the full FinCEN's notice.
