Category: Community Association Management

Categories: Board Duties, Community Association Management, Federal Law & Regulations Tags: Beneficial Owner Information, Corporate Transparency Act, CTA

By Richard S. Ekimoto, Esq. Although the U.S. Supreme Court issued an emergency stay of the CTA injunction in the Texas Top Cop, Inc. v. McHenry case (formerly Texas Top Cop, Inc. v. Garland), FinCen is currently enjoined from enforcing the CTA because of a second injunction in the Smith v. U.S. Department of the Treasury case. FinCen has now appealed the second injunction. However, FinCen’s motion included the following: If this Court grants the [Read More...]

Categories: Board Duties, Community Association Management, Federal Law & Regulations Tags: Beneficial Owner Information, Corporate Transparency Act, CTA

By Richard S. Ekimoto, Esq. Today, the U.S. Supreme Court issued a stay of the injunction prohibiting the enforcement of the CTA pending the disposition of the appeal before the 5th Circuit Court of Appeals and any further proceedings in the U.S. Supreme Court, if any. The decision was apparently a 8-1 decision with Justice Gorsuch concurring and Justice Jackson dissenting. The stay means that reporting companies without an exemption will need to file a [Read More...]

Categories: Board Duties, Community Association Management, Federal Law & Regulations Tags: Beneficial Owner Information, Corporate Transparency Act, CTA

by Richard S. Ekimoto, Esq. Several hours ago, the 5th Circuit Court of Appeals has issued a stay of the nationwide injunction issued by the Federal District Court in Texas pending appeal. The stay was issued by a two-to-one vote of the three-judge panel of the 5th Circuit Court of Appeals. As a result, incorporated community associations and other reporting companies will be required to file their BOI Report unless they fall within one of [Read More...]

Categories: Board Duties, Community Association Management, Federal Law & Regulations Tags: Beneficial Owner Information, Corporate Transparency Act, CTA

by Richard S. Ekimoto, Esq. I recently included a short post about the Federal District Court order halting enforcement of the CTA. The Federal District Court Order granted a Nationwide injunction blocked the enforcement of the CTA reporting requirement stating that “reporting companies need not comply with the CTA’s January 1, 2025, BOI reporting deadline pending further order of the Court.” Since my post, FinCen filed a notice of appeal to the Fifth Circuit Court [Read More...]

Categories: Board Duties, Community Association Management, Federal Law & Regulations, General Tags: Beneficial Owner Information, Corporate Transparency Act, CTA

By Richard S. Ekimoto, Esq Bloomberg Law has reported a few hours ago that a federal District Court judge in Texas issued a nationwide injunction on the Corporate Transparency Act (“CTA”). The injunction means that the CTA is blocked from being enforced. Judge Amos Mazzant III issued the injunction stating: The CTA is likely unconstitutional as outside of Congress’s power. Because the Reporting Rule implements the CTA, it is likely unconstitutional for the same reasons. [Read More...]