The Corporate Transparency Act (CTA) came into effect in 2024 and requires many business entities to provide information on their “Beneficial Owners.” This includes cooperative corporations, homeowners’ associations, and condominiums, which will need to file with the U.S. Department of the Treasury by Jan. 1 2025. In a recent webinar, our legal and compliance experts reviewed filing requirements, penalties, and frequently asked questions.
What we covered
- Who is considered a beneficial owner of an association?
- What information must each association report?
- When must the report be filed?
- Penalties associated with not filing or missing the deadlines
- How associations must file
Our experts included:
- Stephanie Cardello, Vice President, Compliance, FirstService Residential
- Ben Kirschenbaum, Vice President & General Counsel, FirstService Residential
- Leni Morrison Cummins, Chair, Condominiums & Cooperatives, Cozen O'Conner
