Reporting requirements are now reinstated for applicable community associations.
Corporate Transparency Act Update: Reporting companies are not currently required to file beneficial ownership information.
Understanding the basis of accounting used to prepare financial reports is a vital first step to comprehending your association’s financial position and results from operations.
The U.S. District Court in Texas granted a preliminary nationwide injunction against the Corporate Transparency Act, blocking the U.S. Treasury from enforcing the act’s beneficial ownership information reporting requirements.
Many boards remain unaware of the CTA and the legal requirement to file, and the filing deadline is approaching quickly. As managers, it’s critical to inform boards about this requirement and empower them to decide on the best approach.
Motion hearing in pending lawsuit aims to halt enforcement of the act for community associations.
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