Corporate Transparency Act (CTA) Resources

The Corporate Transparency Act (CTA) is a new regulation requiring organizations in the United States to begin filing Beneficial Owner Information (BOI) with the Financial Crimes Enforcement Network (“FinCEN”) of the Unites States Treasury. 
The requirement was enacted to curb money laundering and other fraudulent activities. 

We’ve compiled the answers to some of the most commonly asked questions about the CTA, collected resources from trusted partners, and created content and classes specific to the CTA. Browse all of this information using the dropdown menus and buttons below.

On December 26, 2024, the Fifth Circuit vacated the stay of a preliminary injunction against enforcement of the Corporate Transparency Act (CTA) and its Reporting Rule. This order reinstates the December 3, 2024, injunction issued by the District Court for the Eastern District of Texas in Texas Top Cop Shop, Inc. v. Garland. As a result of the Fifth Circuit’s ruling, no filings under the CTA are required at this time. This includes the initial beneficial ownership information (BOI) reports for companies formed or registered prior to 2024, which were due by January 13, 2025. Companies are not obligated to file these reports until further notice, although voluntary submissions remain permissible.

This update has been provided via the team at Gaddis & Lanier, LLC. We encourage you to continue to stay up to date on the latest information, and to please direct any questions you may have to your association’s counsel.

  • Yes. Exemptions will rarely apply to community associations (see end of this document for details).

  • Associations must report association details and information about those with substantial control over the entity. Because most board members have oversight over collective and individual tasks, it’s prudent to include all board members in the filing as Beneficial Owners.

  • Associations must report company details such as legal name, state of formation, DBAs “doing business as”, tax ID,  and address. All board members need to submit personal information such as full name, date of birth, address, and identification information such as Driver’s License or Passport.

  • For existing HOAs formed prior to 2024, the deadline is December 31, 2024.

  • Filing initially and not keeping reports updated when changes occur exposes individual board members to penalties in excess of $500 per day or fines up to $10,000.

Attorney Resources

Resources provided by local, reputable attorneys who are experts in their field and specialize in legal matters relating to community associations. Please note these resources may link directly to a third-party website or open as a PDF.

Federal & State Resources

Resources provided by local and federal agencies.
Please note these resources may link directly to a third-party site or open as a PDF.

Heritage Resources

HPMS is committed to partnering with you during this process. Use the buttons below to access the resources we’ve created for our community partners. Note: The information deck will open as a PDF in a new browser window, where it can be read, saved or printed.

Note: The Heritage University Presents…button will link directly to the full class video on our YouTube Channel. Please like or subscribe to the channel for future updates.

  • There are only two exemptions that rarely apply to HOAs.  Tax-exempt non-profits, specifically under section 501(c)(4)are exempt. Most HOAS do not have this status.  Also, unincorporated condominium associations in places like New York, may not be considered reporting companies under the Corporate Transparency Act.

  • Associations formed in 2024 have 90 days from their formation date to file. Associations formed in 2025 and beyond will only have 30 days. xt goes here

  • All associations have only 30 days to file an updated report after a change in information that was previously reported. Common triggers for association updates include the addition or removal of board members, changes to a board member’s identification number or address, and updates to community information.

Community Associations Institute (CAI) Resources

CAI is the national affiliate of community association professionals, with a local chapter here in Georgia.
Please note these resources link directly to CAI’s site.

Please note: If you have specific questions that are not addressed via the resources on this page, we encourage you to reach out to your association’s attorney for additional information.