As discussed more fully in our previous article, the Corporate Transparency Act (CTA) went into effect at the beginning of 2024 and requires certain entities to submit beneficial ownership reports.
Over the course of the year, FinCEN has issued FAQs, one of which addresses the question of whether HOAs are reporting companies for the purposes of the CTA. As explained in FAQ C(10), if an HOA was created by the filing of a document with the secretary of state and does not qualify for one of the CTA’s exemptions, it may fall within the CTA’s reporting company definition.
If an HOA is a “reporting company” and was formed before January 1, 2024, it must file its beneficial ownership information reports on or before January 1, 2025. Reporting HOAs formed on or after January 1, 2024 but before December 31, 2024 must file within 90 days of formation, and reporting HOAs formed after January 1, 2025 will have 30 days to file.
