Corporate Transparency Act (CTA) Filing Services for Community Associations
A CTA filing service provider helping community associations (HOA, Condominium Associations, Townhomes) stay in compliance with the Corporate Transparency Act.
Communtiy Associations must comply by January 1, 2025.
Under the Corporate Transparency Act (CTA), Board Members of Community Associations must submit a BOI report to FinCEN.
At CTA HOA Filing, our team is dedicated to assisting community associations in meeting the requirements of the Corporate Transparency Act. We specialize in providing comprehensive filing services tailored to the unique needs of HOAs, Condominium Associations, and Townhomes.
Why Choose CTA HOA Filing?
When you choose CTA HOA Filing, you're choosing peace of mind. Our commitment to accuracy, efficiency, and compliance ensures that your community association's filing requirements are handled with the utmost care and professionalism.
What is the Corporate Transparency Act?
Learn the basics of the new federal requirement, FinCEN, and the effects on your community.
What is the CTA?
In 2021, Congress enacted the Corporate Transparency Act, a law aimed at strengthening law enforcement's ability to detect, prevent, and address financial crimes. The CTA requires most businesses to file a report with the Financial Crimes Enforcement Network (FinCEN).
Is my community required to file?
The short answer is yes. Unless your community employs 20 or more individuals and reports at least $5 million in gross receipts or sales on the prior year’s federal tax return, it does not qualify for an exemption. Each community will need to file a beneficial ownership information form with FinCEN.
Timeline and Frequency
Communities formed before January 1, 2024, must file their initial report by January 1, 2025. Changes, such as new board members, resignation of a board member, appointment of a board, changes in primary residence, or expired IDs, must be reported within 30 calendar days.
What information needs to be provided by Board Members?
Board members are required to provide certain personal information to comply with the new law.
This includes their address, date of birth, and a copy of their driver’s license or passport.
What are the fines and penalties for non-compliance?
Non-compliance with the CTA poses significant risks, especially for Board members. Failure to report required information or providing false details may result in the following:
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Civil Penalties: Board members could incur fines of up to $500 for each day of non-compliance or misrepresentation, quickly accumulating but capped at $10,000.
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Criminal Penalties: Beyond fines, there are criminal repercussions. Board members who intentionally provide false information to FinCEN or fail to make necessary updates may face up to two years of imprisonment.
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Who has access to my information?
The information provided to FinCEN remains private. FinCEN may share BOI with specific only entities under defined circumstances:
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U.S. federal agencies engaged in national security, intelligence, or law enforcement.
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State, local, and Tribal law enforcement within the U.S.
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International law enforcement agencies, judges, prosecutors, and relevant authorities upon request.
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Financial institutions requiring BOI to comply with customer due diligence (CDD) regulations.
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Federal regulators and agencies overseeing financial institutions for CDD compliance.
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Authorized officers and employees of the Treasury Department.