The Corporate Transparency Act (CTA), enacted in 2021, aims to combat financial crimes by mandating certain entities to disclose their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). Initially, condominium and homeowner associations (HOAs) were uncertain about their compliance obligations under the CTA. However, recent legal developments have clarified these requirements, impacting associations nationwide.
According to an announcement by Condo Law Watch:
“On March 2, 2025, the Treasury Department announced the suspension of the enforcement of the Corporate Transparency Act (CTA) against U.S. citizens and domestic reporting companies. The Treasury Department will be issuing proposed rules that will narrow the scope of the CTA to foreign reporting companies only.
As a result, community associations are no longer required to file BOI reports. This is a huge win for condominium and homeowners’ associations, reducing unnecessary compliance burdens”.
If you need personalized guidance or have further questions, please reach out to Chicago Condo Resource for education and condo management support.
By staying informed and proactive, associations can navigate these regulatory changes effectively, ensuring compliance and avoiding potential penalties.
