IMPORTANT UPDATE FOR CONDO AND HOA BOARDS: BENEFICIAL OWNERSHIP INFORMATION (BOI) REPORTING REQUIREMENT
Starting January 1, 2025, condo and homeowners’ association (HOA) boards must file a Beneficial Ownership Information (BOI) report with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).
THE CORPORATE TRANSPARENCY ACT (CTA)
The Corporate Transparency Act (CTA) is a U.S. law enacted to enhance transparency in corporate ownership and to help combat financial crimes such as money laundering and terrorist financing.
