Condo Living Made Easy

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. 

As electric vehicle (EV) adoption grows, more condominium associations in Chicago are grappling with the question of how to handle EV charging stations. The primary concerns are installation costs, ongoing electricity usage, and maintenance. Who bears financial responsibility? At HausFS, we are beginning to encounter this challenge with our clients.

Legal Considerations
Under Illinois law, associations must allow reasonable accommodation for EV chargers, but they are not required to fund installations. In most cases, owners will be responsible for the installation, maintenance and electricity costs of EV charging stations.

Installation and Electricity Costs
Installing EV charging stations can be costly, including electrical upgrades, permits, and labor. Some buildings install shared chargers in common areas, while others allow individual owners to set up chargers in their deeded parking spaces. The ability to install EV charging stations and how they will be installed will vary from building to building.
Associations may be able to apply for rebates to offset the costs of installation, however, that will reduce the expense for the applicable owners.
Electricity usage is another factor. Some buildings install smart chargers with tracking for direct billing, while others fold the cost into association fees. Clear policies on cost allocation and consistent enforcement ensure fairness and transparency. Owners can be charged the cost of the electricity they use as well as any administrative fees required to bill back that expense.

Planning for the Future
With EV adoption on the rise, condo boards should proactively address charging infrastructure before demand surpasses capacity. A well-structured policy balancing financial responsibility with sustainability will help ensure a smooth transition for associations and residents alike.

Does your condominium have an EV charging policy? Now is the time to start the conversation.

On February 17, the United States District Court for the Eastern District of Texas granted the government’s motion for stay a nationwide injunction halting enforcement of the Corporate Transparency Act in Smith v. United States Department of Treasury. 

Due to this new court order, reporting requirements under the act are reinstated for applicable community associations.

On February 19, FinCEN recognized that reporting companies may need additional time to comply with their BOI reporting obligations, and FinCEN is generally extending the deadline 30 calendar days from February 19, 2025, for most companies.

According to FinCEN, for the vast majority of reporting companies, the new deadline to file an initial, updated, and/or corrected BOI report is now March 21, 2025.

Haus Financial Services client? We are still offering our BOI Report filing service for all clients. If you did not previously request the service and would like our assistance complying with the new deadline, please This email address is being protected from spambots. You need JavaScript enabled to view it.