We want to inform you about an important development regarding the Corporate Transparency Act (CTA), which impacts all corporations, including community associations. The Corporate Transparency Act (CTA) became effective on January 1, 2024, mandating corporations, limited liability companies or other similar entities that are created and register with their respective secretary of state, to submit beneficial ownership information reports (BOI Reports) to the Financial Crimes Enforcement Network (FinCEN). Enacted by Congress as part of the Anti-Money Laundering Act of 2020, the CTA aims to enhance the anti-money laundering framework by improving the transparency of entity structures and ownership. In response, the Community Associations Institute (CAI) has taken significant action by filing a lawsuit against the U.S. Department of the Treasury. This lawsuit challenges the applicability of the CTA’s beneficial ownership interest filing requirements on community associations. CAI is seeking to carve out an exception specifically for community associations, and we fully support their efforts in this matter. We are proud to share that our partners, Scott Weiss and Dan Miske, serve on the Board of Governors for the College of Community Association Lawyers (CCAL) that authorized this crucial lawsuit. Their dedication reflects our commitment to protecting the interests of our clients and ensuring that the unique nature of community associations is recognized. Until a final ruling is made, the CTA deadline for compliance remains January 1, 2025, so community association board members need to be prepared to file no later than December 31,2024. We will continue to monitor the lawsuit and provide updates as more information becomes available. With offices in Kentucky, Ohio, Tennessee, and Wisconsin, please use our “Request for Proposal” for additional information about our services and how we can help your board meet this filing requirement.