Condo Living Made Easy

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.

Attorneys from Keough and Moody attended the Annual CAI Law Seminar in San Antonio, where discussions focused on the financial burden community associations face due to meritless legal claims from vexatious unit owners. 

Illinois courts have recently upheld substantial attorney’s fee awards against such owners, but the challenge remains in preventing frivolous lawsuits. Associations can mitigate costs by strategically choosing battles, avoiding engagement traps, maintaining reasonableness, and having a clear plan. Legal fees should be carefully assessed, with courts preferring they be awarded rather than preemptively charged. Early intervention and proactive legal strategies can help associations minimize costs and unnecessary litigation.

Learn more from our friends at Keough and Moody here.

We also encourage board members to take advantage of educational seminars hosted by the firm. You may see Lauren Schrader, owner of Haus Financial Services online! Their next offering is on March 12 titled "Identifying and Handling Nuisances."

The 43rd Annual CAI Illinois Conference and Expo for condominiums and homeowners associations is next Friday, February 21st at the Donald E. Stephens Convention Center in Rosemont.

CAI Illinois, the local chapter of the Community Associations Institute, provides information, education, and resources to homeowner volunteers who govern communities and the professionals who support them. This event features education sessions for owners, board members and property managers on topics including legal updates, self-defense, project funding, productive meetings, open mindedness and more. The extensive Exhibit Hall features information booths for vendors providing maintenance and management services for community associations.

This is a great opportunity for board members to learn and network with other condo board members. Lauren Schrader of Haus Financial Services, LLC will be attending the Expo. She hopes to see you there!

Register on the CAI Illinois website.