CTA and BOI Reporting Enforcement ENDING

March 2, 2025: The United States Treasury Department announced on Sunday, March 2, 2025 that all enforcement against U.S. citizens or domestic reporting companies or their beneficial owners under the Corporate Transparency Act (“CTA”) will end with new rule changes scheduled to go into effect later this month. The Department indicated that the new rules will be limited in effect to foreign reporting companies only. Until those new rules are put into effect, no fines or other penalties will be applicable.

You can read the full statement from the U.S. Department of the Treasury here: https://home.treasury.gov/news/press-releases/sb0038

What does this mean for Homeowners Associations?

After a long few months of start-and-stop uncertainty about the long-term future of the CTA and BOI Reporting applicable to homeowners associations and other common-interest community associations, the Treasury Department’s announcement effectively ends all enforcement, meaning that homeowners associations and their beneficial owners are no longer subject to the BOI Reporting requirements under the CTA by FinCen’s recently rescheduled deadline of March 21, 2025, or afterwards.

What does this mean for Homeowners Associations that have already filed BOIRs?

If your Association has already filed its report with FinCen, no corrected or updated filings will be required after the new rules go into effect, and there will be no enforcement of fines or other penalties in the meantime.

***

We will continue to monitor the Department of Treasury and FinCen closely for any further developments, and further updates will be provided if there are any changes to compliance requirements.

Click here to be directed to the Community Associations Institute’s website with more information about the CTA. 

Last Updated: 03/02/2025