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Obtaining a FinCEN Identifier and Filing BOI Reports for CTA Compliance: Step-by-Step Guides for Community Associations
As part of our continuing efforts to educate community associations on complying with the federal Corporate Transparency Act (“CTA”), we are pleased to offer additional informational resources – specifically, step-by-step guides for: (1) beneficial owners and company applicants to obtain their own FinCEN Identifiers, which can then be provided to the person or company that […]
CAI Lawsuit Filed to Challenge CTA – Includes Two CWMEB Clients
On September 10, 2024, the Community Associations Institute (CAI) filed a lawsuit against the U.S. Department of Treasury challenging the application of the Corporate Transparency Act (CTA) filing requirements as they apply to community associations. The lawsuit was filed in the U.S. District Court for the Eastern District of Virginia (Alexandria division). A Motion for […]
The Corporate Transparency Act (CTA): FAQs for Community Associations
In 2021, Congress adopted the Corporate Transparency Act (“CTA”) as part of the Anti-Money Laundering Act of 2020. This anti-corruption law is intended to make it harder for bad actors to shield their identities and launder ill-gotten gains, which in turn assists national security, intelligence and law enforcement efforts in countering money laundering, tax fraud, […]
CAI Board of Trustees Approves CTA Lawsuit
By Anna Mancino The Community Associations Institute (“CAI”) is joining the fray and challenging the Corporate Transparency Act (“CTA”). On January 1, 2024, the CTA’s new beneficial owner information (“BOI”) reporting requirements went into effect for corporations and other entities created through a filing with a Secretary of State or similar office pursuant to state […]
The Corporate Transparency Act: Updates from FinCEN
As mentioned in prior communications from our firm, the federal Corporate Transparency Act (“CTA”), adopted in 2021, may start requiring most community associations to file a “beneficial ownership information” (or BOI) report by no later than January 1, 2025. The Financial Crimes Enforcement Network (FinCEN) periodically provides updates and clarification regarding frequently asked questions of […]
2024 Virginia Legislative Update
By Tiago D. Bezerra Following on the heels of the 2023 statewide elections in which all 140 members of the Virginia General Assembly stood for election, the most diverse and least experienced group of legislators adjourned their veto session on April 17, 2024. It was a busy and politics-filled session with over 3,500 bills and […]
The Corporate Transparency Act and Beneficial Reporting Requirements: What’s New in the New Year
By Michael Sottolano and Anna Mancino Starting January 1st, 2024, the Beneficial Owner Information (“BOI”) Reporting requirements went into effect for corporations. Many community associations, as corporate entities, are subject to the BOI Reporting requirements and over the past few weeks, the Financial Crimes Enforcement Network (FinCEN”) released guidance to navigate this inaugural year. This […]
Alabama District Court Finds the Newest Requirements of the Corporate Transparency Act (“CTA”) Unconstitutional
By: Bruce Easmunt and Anna Mancino Shortly after the new CTA Beneficial Owner Information (“BOI”) reporting requirements came into effect, an opinion coming out of the Northern District of Alabama found those same requirements unconstitutional. Judge Liles C. Burke of the Court explained in his opinion, issued on March 1st, 2024, how Congress had managed […]
Opportunity to Thrive with a Growing Team
Chadwick, Washington, Moriarty, Elmore & Bunn P.C. is seeking a full-time Virginia licensed attorney with 2 – 5 years’ experience to join its growing Richmond/Glen Allen, VA office. Position requires excellent academic credentials, strong interpersonal and time management skills, dedication, ability to work as part of a team and the desire to work directly with […]
The Corporate Transparency Act (CTA)’s Beneficial Ownership Information Reporting Requirements: What Do Community Associations Need to Know?
By: Bruce Easmunt and Anna Mancino In 2021, Congress passed a law to create more transparency as to the individuals that control organizations and corporate entities. The Corporate Transparency Act (“CTA”), adopted in 2021, may begin affecting community associations on January 1st, 2024. Pursuant to the CTA, the Financial Crimes Enforcement Network (“FinCEN”) has enacted […]