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How The Corporate Transparency Act Affects Condominium Associations

The Corporate Transparency Act has board reaching effects, as it also applies to condominium associations and planned communities. While HOA’s may be a tax exempt entity, the CTA still applies to them. As such, these associations will need to file a new FinCEN report (also called the new BOI report) with the U.S. Department of the Treasury. These Corporate Transparency Act HOA requirements are onerous. They will also place an additional burden on people involved with association management, property management, and community association management. They will likely need to update their HOA documents, and get additional HOA education on the new law. This may also change association management software. #corporatetransparencyact #condominiumassociations #corporatetransparencyacthoa #plannedcommunities #associationmanagement #communityassociationmanagement #associationmanagementsoftware #propertymanagement #hoaeducation #hoadocuments #communityassociationmanager #newboireport #newfincenreport #taxexemptentity #how #the #affects - Subscribe to get the latest Direct Answers by Corporate Direct content: @CorporateDirectInc Follow Corporate Direct on Instagram:   / corporatedirect.  . Schedule your free 15-minute consultation here: https://corporatedirect.com/schedule/ Download Ted's FREE E-BOOK here: https://www.sunnstream.com/fivetricks For more information on SunnStream, click the link here: https://sunnstream.com DISCLAIMER: The contents of this video are NOT LEGAL ADVICE and do not apply to your specific circumstances. This information is provided for general informational and educational purposes only. Viewing this video DOES NOT CREATE AN ATTORNEY-CLIENT RELATIONSHIP. We highly encourage you to seek professional legal advice before acting or relying on any information contained in this video.