Reporting requirements under the Corporate Transparency Act have been reinstated for community associations, which now have until March 21 to file an initial, updated, or correct beneficial ownership information report with the Financial Crimes Enforcement Network.
Did you know that, in addition to being a Civil Rights Movement leader, Rev. Martin Luther King Jr. also was a fierce advocate for fair housing? Both in his youth and his travels as a civil rights leader, King witnessed systemic segregation in neighborhoods nationwide and resolved to fight for access to safe and reliable housing for all Americans.
Community associations need to closely monitor legal developments regarding the Corporate Transparency Act. As four U.S. district courts hear appeals related to the constitutionality and application of the act, any updates could further change requirements for community associations.
On Sept. 10, CAI filed a lawsuit against the United States Department of Treasury challenging the application of the Corporate Transparency Act. We believe the application of the Corporate Transparency Act to community associations is an overreach and potentially unconstitutional, and we will continue to work to protect the interests of our members and communities nationwide.
As we mark the third anniversary of the Champlain Towers South tragedy in Surfside, Fla., CAI honors the memory of the victims and reiterates its commitment to promoting safety and resilience within community associations. CAI remains dedicated to providing education, resources, and support to community associations to protect the lives, well-being, and investments of all community residents.
When the Champlain Tower South condominium in Surfside, Fla., partially collapsed three years ago this month, Daniel Gonzalez was in bed just an hour away in Boca Raton. His immediate reaction was to commission a structural inspection on their nearly 50-year-old building. Gonzalez advises managers and boards facing the recertification process to be hypervigilant about structural maintenance.
