In a dramatic turn of events, the United States Court of Appeals for the 5th Circuit has granted the government’s motion for a temporary stay of the District Court’s order enjoining enforcement of the Corporate Transparency Act (CTA). As a result, all applicable common interest developments in the state must file their beneficial ownership information reports with FinCEN by January 1st. The recent federal spending bill notably did not include the anticipated one-year extension to the filing deadline. Compliance is now urgent, as the CTA’s requirements remain fully enforceable under the revised timeline.
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HOAs should monitor developments in this case and consult with their HOA legal counsel to stay informed of their CTA compliance and reporting obligations. |