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HOA Client Alert: Corporate Transparency Act – Preliminary Injunction Stayed!

Yesterday, the Fifth Circuit Court of Appeals stayed a lower federal court ruling that placed a hold on enforcement of filing requirements under the Corporate Transparency Act.  The December 23, 2024, ruling reinstates the January 1, 2025, reporting deadline for beneficial ownership information, including for community associations.  Therefore, filing by January 1, 2025, is required.

The U.S. Treasury announced that it recognizes that reporting companies may need additional time to comply given the period when the preliminary injunction had been in effect. Therefore, they have extended the reporting deadline for reporting companies that were created or registered prior to January 1, 2024, until January 13, 2025, to file their initial beneficial ownership information reports with FinCEN. 

If your association has not completed the requisite CTA filings, Whiteford is prepared to offer filing services.  If the Board needs that assistance, please contact Kevin Kernan, kkernan@whitefordlaw.com, with any questions.

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