Your HOA’s trusted resource for navigating BOI filing for the Corporate Transparency Act

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.

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.

CTA Review is a privately owned and operated corporation. It is not affiliated with the United States Government or any of its agencies, such as FinCEN. It is not contracted by these agencies or their affiliates.