cta Archives - Kaye Bender Rembaum

Rembaum’s Association Roundup | Jeffrey A. Rembaum, Esq., BCS | Visit HERE

A recent update from the United States Department of Treasury, Financial Crimes Enforcement Network (FinCen) provides an extension of time to comply with the requirements of the Corporate Transparency Act for the initial reporting deadlines but there are strict requirements regarding the applicability of the extension as discussed below.

FinCen, on October 29, 2024, extended the initial reporting deadlines to July 1, 2025, for associations in counties affected by Hurricane Milton where

1. 1. Federal Emergency Management Agency (FEMA) assistance is available; and
  2. IRS tax filing deadlines have been extended.

Associations in the following counties are subject to the extension:

Alachua, Baker, Bradford, Brevard, Broward, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Flagler, Gilchrist, Glades, Hamilton, Hardee, Hendry, Hernando, Highlands, Hillsborough, Indian River, Lafayette, Lake, Lee, Levy, Madison, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putman, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, Suwannee, Taylor, Union, and Volusia.

Please click on the button link below to read the FinCen bulletin.

Rembaum’s Association Roundup | Jeffrey A. Rembaum, Esq., BCS | Visit HERE

The Corporate Transparency Act (“CTA”) was enacted in 2021. The CTA requires that on or before January 1, 2025, all cooperatives, condominiums and homeowner’s associations (collectively, “Associations”) are required to file certain information with the US Treasury department, Financial Crimes Enforcement Network (“FinCEN”). This law requires businesses that are registered with their state’s division of corporations, which includes Community Associations, to provide information on its ‘Beneficial Owners’ which are the decision makers, meaning board members, and officers (and possibly managers, too). Your Association will need to comply with the registration requirements of the CTA or face significant penalties. In addition, any changes to the board members or officers must be reported by updating the information on FinCEN within 30 days of the change.

1) What is the CTA? The CTA aims to combat illicit activity including tax fraud, money laundering, and financing for terrorism by capturing more ownership information for specific U.S. businesses operating in or accessing the country’s market. Under the new legislation… Read the Full Article

Tag: cta

Corporate Transparency Act – An Update

Corporate Transparency Act Compliance and How to File Your Association’s Report