Beginning January 1, 2025, the U.S. Department of the Treasury will begin enforcing the provisions of the Corporate Transparency Act (“CTA”). The Financial Crimes Enforcement Network (“FinCEN”) clarified that Community Associations ARE required to file Beneficial Ownership Interest (BOI) reports under the CTA. HOA’s have until January 1, 2025 to complete the requirement. What does it mean to you/the association? Paperwork to be filed with the government.
To learn more about this new law, click or type the following link to a PDF, published by the Federal Government. https://drive.google.com/file/d/1-ENd7EL0YT80r9rU9wPJ9AY9wKEHKPPM/view?usp=sharing
Sharper is taking this requirement seriously and has taken proactive steps to ensure that your association is in compliance. Note: there is a fine of $500 per day for non-compliance, up to two years of imprisonment, and an additional $10,000 fine.
As your managing agent, Sharper can file on your behalf. We have the information necessary to file, including but not limited to: Agency, EIN, Governing Documents, Contact Information, Registered Address, and Compliance Tracking.
What Sharper Will Do:
- Review Governing Documents
- Check Exemption Status
- Notify Board Members
- Compile Necessary Information
- File Initial Report
- Keep All Records Secure
- Monitor and Track Board Changes
- Monitor and Track Supporting Documents
- Obtain and Verify Follow-up Information
- Update Accordingly and Retain Audit Trail
What Each Board Member Board Needs To Do:
- Submit a photo copy of your Driver’s License, ID Card, or Passport
- Picture of Valid ID should be sent to FinCen@sharpermanagement.com
The fee charged to the association for this service is $250. Sharper will also charge an annual maintenance fee of $200 for all updates to remain in compliance each year. This includes monitoring expired Identification Cards and accounting for all Board member changes.
Please work with your manager or a member of our staff to ensure you, and the rest of your Board, are coming into compliance with this new law.