CTA FILING IS DEAD AND BURIED!

Last March, we were delighted to announce, and our clients were delighted to hear, that “CTA Reporting is Dead to Us,” after the Treasury Department decided that only foreign companies would be required to file the beneficial ownership information required by the Corporate Transparency Act. Preliminary rules had required all U.S business entities, including community associations and board members, to file the CTA reports.

We have more good news to report now. The interim CTA exemptions announced last year have been made permanent, pending publication of the final rule in the Federal Register. No more reporting personal information for board members and no more fear mongering from firms charging a fortune for filing those CTA reports!

MEEB was an outspoken critic of the regulations from the start. In addition to supporting the Community Association Institute’s (CAI) industry-wide opposition, we filed a separate lawsuit in federal court challenging the applicability of the reporting requirements to associations. We also advised clients to delay the filing of their beneficial ownership reports, since it appeared likely, given all of the various legal challenges and reversals, that Treasury would reconsider, which it ultimately did.

This is a great win for the condominium industry and for our clients. We appreciate your trust in choosing MEEB for your legal needs, and as always, we will continue to do all we can to protect your interests.

For more information on CTA filings or requirements, contact any MEEB attorney.