Latest Court Decision on CTA Enforcement
The judicial whiplash continues! On February 17, the United States District Court for the Eastern District of Texas lifted a nationwide injunction that had halted the enforcement of the Corporate Transparency Act (CTA). As a result, the reporting requirements under the CTA are now reinstated for applicable community associations.
Extended Deadline for BOI Reporting
On February 19, the Financial Crimes Enforcement Network (FinCEN) announced that the deadline for Beneficial Ownership Information (BOI) reporting has been extended by 30 days from February 19, 2025. The new deadline for most companies, including homeowner associations, to file their BOI reports is now March 21, 2025. FinCEN will provide further updates if additional time is needed.
Legislative Efforts to Delay the CTA
Congress is considering legislative initiatives to delay the CTA. House of Representatives (H.R.) Bill 736, introduced by Representative Zachary Nunn, and Senate Bill 505, introduced by Senator Tim Scott, aim to push the implementation date for pre-existing entities to January 1, 2026. H.R. 736 has already passed the House and is now being considered by the Senate.
Stay Informed
This issue is ongoing and fluid, and association boards should stay updated on the latest developments. Contact your favorite HGCT attorney to further discuss.
HGCT Attorneys in the Wild
In case you missed it…
At the 2025 CACM NorCal Law Seminar and Expo, HGCT Attorneys Zer Iyer presented: Funding Projects and Managing Reserves; and Ellen R. Schuster presented: Dealing with Bullies.
At the CAI CCAL Law Seminar in San Antonio, HGCT attorneys Amy K. Tinetti presented: From Capitol to Community: Tracking State Legislative Trends Across the Country; and Ellen R. Schuster presented: 50 Shades of Gray: Identifying and Navigating Ethical Issues in Community Associations (ETHICS).
To learn more about the topics presented at these law seminars, please contact your favorite HGCT attorney.