Corporate Transparency Act (CTA) 
October 28, 2024
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Community associations are upset and concerned about the Corporate Transparency Act (CTA) because it imposes new reporting requirements that many feel are burdensome, especially for smaller organizations like homeowners’ associations (HOAs).

The CTA mandates that associations disclose detailed information about their beneficial owners, which, in the case of HOAs, often means volunteer board members. These volunteers, who typically serve without compensation, are reluctant to provide personal information such as their full legal names, addresses, and Social Security numbers to the Financial Crimes Enforcement Network (FinCEN). They fear this could expose them to privacy risks, identity theft, or data breaches.

The CTA mandates that associations disclose detailed information about their beneficial owners, which, in the case of HOAs, often means volunteer board members. These volunteers, who typically serve without compensation, are reluctant to provide personal information such as their full legal names, addresses, and Social Security numbers to the Financial Crimes Enforcement Network (FinCEN). They fear this could expose them to privacy risks, identity theft, or data breaches

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