Homeowner Associations now have a new reporting requirement. As of January 1, 2024, Associations need to start identifying the “beneficial owners” of their Associations, as defined under the Corporate Transparency Act (“CTA”) (31 U.S.C. § 5336). This new law requires certain entities or “reporting companies” to report information about the “beneficial owners,” the corporation, and company applicants to the Financial Crimes Enforcement Network of the U.S. Treasury (FinCEN).

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