The U.S. Treasury Department’s Financial Crimes Enforcement Network issued a final rule permanently exempting U.S. companies and persons, including community association board members, from beneficial ownership reporting requirements under the Corporate Transparency Act.
CAI filed an amicus brief this month supporting high court review of a case that seeks to repeal the Corporate Transparency Act. This is the latest move CAI has taken to protect community associations from a law it believes imposes burdensome and unnecessary requirements. Here’s what you need to know now.
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.
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.
