Below is a helpful tip from the Davis-Stirling.com Newsletter by ADAMS | STIRLING PLC regarding board members and corporate transparency reporting for HOA communities . . .
Good News! The intrusive and unnecessary corporate reporting requirements imposed on homeowner associations have been laid to rest. The following was reported by CAI’s Phoebe E. Neseth, Esq.
“On Aug. 11, the U.S. Treasury Department’s Financial Crimes Enforcement Network issued a final rule removing requirements for U.S. companies and U.S. persons, including community association board members, to report beneficial ownership information to FinCEN under the Corporate Transparency Act. The final rule will be effective pending publication in the Federal Register.
In this press statement, FinCEN also announced it will delete previously reported information by U.S. persons, including community association board members, who had previously disclosed personal information to the department, now exempt from the reporting requirements, from the beneficial ownership information database.”
DISCLAIMER. Reprinted from Davis-Stirling.com by ADAMS|STIRLING PLC. The Davis-Stirling.com Newsletter by ADAMS | STIRLING PLC provides commentary only, not legal advice. For legal advice, you’ll need to hire legal counsel. You can hire ADAMS | STIRLING PLC; Keep in mind they are considered corporate counsel to associations only.
