Condo Living Made Easy

It's on, it's off, it's on, it's off again! The latest in the Corporate Transparency Act saga has the deadline suspended again pending continued legal action.

The US Department of the Treasury's FinCEN division released a statement stating that the filings are currently voluntary.

Haus Financial Services LLC continues to file reports on behalf of our clients and believes this is still the best course of action to avoid potentially heavy fines. We encourage community associations to remain vigilant regarding updates on the requirement if you have not yet filed your report or do not plan to do so until there is a final determination on the matter. 

In light of a December 23, 2024, federal Court of Appeals decision, reporting companies, except as indicated below, are once again required to file beneficial ownership information with FinCEN. However, because the Department of the Treasury recognizes that reporting companies may need additional time to comply given the period when the preliminary injunction had been in effect, we have extended the reporting deadline as follows:

• Reporting companies that were created or registered prior to January 1, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN. (These companies would otherwise have been required to report by January 1, 2025.)
• Reporting companies created or registered in the United States on or after September 4, 2024 that had a filing deadline between December 3, 2024 and December 23, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN.
• Reporting companies created or registered in the United States on or after December 3, 2024 and on or before December 23, 2024 have an additional 21 days from their original filing deadline to file their initial beneficial ownership information reports with FinCEN.
• Reporting companies that qualify for disaster relief may have extended deadlines that fall beyond January 13, 2025. These companies should abide by whichever deadline falls later.
• Reporting companies that are created or registered in the United States on or after January 1, 2025 have 30 days to file their initial beneficial ownership information reports with FinCEN after receiving actual or public notice that their creation or registration is effective.

All community associations that existed prior to 1/1/24 should file now to ensure compliance with the current 1/13/25 extended deadline.

Serving on a homeowners association board can be rewarding but comes with significant responsibilities and potential pitfalls. Common mistakes include holding undocumented or improperly noticed meetings, failing to adhere to governing documents, mismanaging association funds, making hasty decisions, and neglecting to seek legal advice when needed.

To avoid these issues, board members should familiarize themselves with the association’s governing documents, plan finances carefully, consult with professionals when needed and seek legal counsel for complex matters.

Learn more here.