Welcome to CTA Review
Your HOA’s trusted partner for CTA compliance and monitoring.
About The Corporate Transparency Act
The basics of the new federal requirement, FinCEN, and the effects on your HOA.
What is the CTA?
In 2021, Congress passed the Corporate Transparency Act, a new law designed to bolster law enforcement efforts in preventing, identifying, and addressing financial crimes. Under the CTA, the majority of businesses are mandated to submit a report to the Financial Crimes Enforcement Network (FinCEN).
Does My HOA need to file?
The short answer is yes. Unless your community has 20 or more employees and $5 million in gross receipts or sales, as reflected in the previous year’s federal tax return, your community is not exempt. Each director on the HOA board will need to file a beneficial ownership informational form with FinCEN. If you have specific questions we suggest contacting your legal counsel or CPA for a professional opinion.
How Often?
Communities established before January 1, 2024, have until January 1, 2025, to submit their initial report. While there’s no yearly reporting obligation, BOI reports should be regularly reviewed and amended when necessary. Updates are required within 30 calendar days of changes such as turnover in board members, primary residence alterations, or expired IDs.
Get your HOA FinCEN compliant today.
Maintain Compliance
Annual compliance plans available for existing customers
Initial Filing & Compliance
$295
Compliance matters
HOA’s must comply by January 1, 2025
Under the new Corporate Transparency Act (CTA), every HOA Board Member, nationwide, must submit a BOI report with contact information to FinCEN.
Personal Information
Directors serving on an HOA Board must provide some personal information to maintain compliance with this new law.
This information includes your address, DOB, and a copy of your driver’s license or passport.
Who has access to my personal information?
The information shared with FinCEN is kept private. The CTA makes sure of this by stating that Beneficial Ownership Information (BOI) is confidential and cannot be shared unless allowed by the CTA and the Access Rule. FinCEN is allowed to share BOI with certain groups under specific conditions:
1. U.S. Federal agencies involved in national security, intelligence, or law enforcement.
2. U.S. State, local, and Tribal law enforcement agencies.
3. Foreign law enforcement agencies, judges, prosecutors, central authorities, and competent authorities (if requested).
4. Financial institutions need BOI to follow customer due diligence (CDD) rules under the law.
5. Federal regulators and other agencies supervising financial institutions for CDD compliance under the law.
6. Officers and employees of the Treasury Department.
Non Compliance
Not following the rules of the CTA is risky, especially for the Board of Directors. If they don’t report the required information, or give false details, they face the risk of the following:
Civil Penalties: Top officials could be fined up to $591 every day they don’t follow the rules or give false info. This fine adds up fast and could end up being a lot of money, but it won’t go over $10,000.
Criminal Penalties: Besides monetary penalities, there are also criminal consequences. If Board Members willfully provide false information to FinCEN or don’t update as needed, they could go to jail for up to two years.
Common Questions
About CTA Review
CTA Review is a specialized third-party service dedicated to facilitating the Beneficial Ownership Information (BOI) reporting procedure. As a sister organization to FHA Review, which has been operating since 2010 and specializes in reviewing and submitting Condo Associations for FHA and VA Approval, CTA Review recognized a natural alignment between its expertise and the BOI reporting process.
Founded on principles of confidentiality and organization, CTA Review ensures the secure handling of private information. Their tailored databases are designed to monitor sensitive data and expiration dates, guaranteeing that your community remains up-to-date with its BOI filing requirements.