Corporate Transparency Act (“CTA”)
About Our CTA Service
The CTA creates a new reporting requirement under which Reporting Companies must file a Beneficial Ownership Information (“BOI”) report with the Financial Crimes Enforcement Network (“FinCEN”) by January 1, 2025. Altitude has decided that it will act as a third-party service provider in filing BOI reports for associations. Download our information sheet below for details on our new CTA service!
Download the CTA Information Sheet
If you are interested in Altitude Community Law filing your CTA BOI report, please fill out the form below and we will send you the fee agreement along with instructions for the information we will need.
ALERT:
On December 3rd the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction in the case of Texas Top Cop Shop, Inc. et al. vs. Garland. That Court determined that the CTA reporting requirements are likely unconstitutional and granted a preliminary injunction that blocks the Financial Crimes Enforcement Network (“FinCEN”) from enforcing the CTA requirements. The ruling has nationwide application and applies to all corporations, including community associations.
This would be great news for associations if the ruling was upheld. However, the Department of Justice filed a notice of appeal, which may result in a stay on the injunction. And, regardless of the ruling on that appeal, there may be further appeals. Ultimately, associations might still have to comply with the CTA.
At this juncture compliance is voluntary, as FinCEN will not enforce violations of the CTA while the injunction is in place. As the matter is unresolved, our continued recommendation is to comply with the CTA until a final judgment is determined, as this is the most prudent approach.