By: Mike Hunter and Melanie Wright
The interminable game of ping pong in the federal courts over the enforceability of the Corporate Transparency Act (“CTA”) continues. This has gone beyond ridiculous. The enforceability of CTA registration and filing the required Beneficial Ownership Information (“BOI”) has been revived by yet another court decision. The new filing deadline is now March 21, 2025 for most HOAs, including those that were created prior to January 1, 2024 and those created in 2024 and 2025, unless their original or extended filing deadline is later than March 21, 2025. According to FinCEN, the deadline is likely to be extended beyond March 21. We await with bated breath.
Here is a link to FinCEN’s announcement from February 18:
One notable quote from the press release is this:
“FinCEN also intends to initiate a process this year to revise the BOI reporting rule to reduce the burden for lower-risk entities, including many U.S. small businesses.”
Hopefully, HOAs fall in the “small business” category they mention. Excuse my skepticism, but I’ll believe it when I see it. We will continue to monitor developments and post updates on our blog as they become available.
Author: Kirk Palmer & Thigpen
Articles have been Reprinted with permission from the charlotte observer and Mike Hunter.
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