There has been a lot of discussion regarding the filing requirements for community associations under the newly adopted CTA regulations in the news
lately. Some associations have asked whether they should rush to file the Beneficial Ownership Information Report now or wait until the latter part of this year.
In addition, under the requirements, an association has to report every time there is a change of the board members. So, if associations file now, they probably will need to file again, especially if an annual meeting will be held before the end of this year. Lastly, Community Associations Institute (“CAI”) is also working to exempt condominiums from the requirements.