BOI Reporting Deadline Extended: January 13, 2025

On December 23, 2024, the nationwide preliminary injunction enjoining the Corporate Transparency Act (CTA) issued by the U.S. District Court for the Eastern District of Texas in Texas Top Cop Shop, Inc., et al. v. Garland, et al., was stayed by the U.S. Court of Appeals for the Fifth Circuit. FinCEN issued an Alert in light of the decision, that reporting companies are once again required to file beneficial ownership information (BOI) with FinCEN.

Recognizing that additional time may be needed by reporting companies to comply given the preliminary injunction, the January 1, 2025 deadline is extended until January 13, 2025.

Corporate Transparency Act (CTA) FAQ

Q. My Association is a non-profit. Do we still have to file?

A. Tax-exempt and not-for-profit are two completely different concepts in the world of community associations. The notion of being not-for-profit stems from the association’s income being only the maintenance fees collected from the members. The income generated from these maintenance fees is not taxed as income. This alone does NOT exempt the community association.

An exempt 501(c)(3) entity is a charitable organization such as a church, school, or museum. It is uncommon for a community association to fall under this category. Please contact your accountant if you have questions about your association's tax filing status.

Q. I have obtained my individual FinCEN ID - what do I do with it?

A. Please submit the requested information directly to Perfect Form. Do NOT forward it to our office, we are not keeping these records on file.

Q. Does each Board Member have to pay the $150 fee?

A. No! This is a one time fee for the Association as an entity and not for each individual Board Member.

Q. Are there any additional fees?

A. Perfect Form may charge $50 for ongoing updates and compliance.

Q. How much is your Firm charging us for this?

A. Our Firm is not charging any fees related to the CTA or BOI filings.

Q. When is our FinCEN ID information due?

A. In order to meet all deadlines, Perfect Form requests that you submit the information to them AS SOON AS POSSIBLE.

Q. How do I find my Association's Federal Employer Identification Number (FEIN)?

A. Our Firm does not generally have this information. We suggest you ask your accountant and/or property manager for you FEIN. You may also find it on the Association's previous tax returns.

Q. Do we have to do this every year?

A. Not necessarily; however, Board Member information must be updated within 30-days of any Board changes.

Q. Can we just give Ott & Associates our personal information and have them do everything?

A. No. At this time, our office is not managing these filings. We have arranged with Perfect Form to offer reduced fees, allowing our clients to handle the filings independently at a lower cost.