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...]
Categories: Board Duties, Community Association Management, Federal Law & Regulations Tags: Beneficial Owner Information, CAI, Corporate Transparency Act, CTA
By Richard S. Ekimoto, Esq Community Associations Institute filed a lawsuit against the U.S. Department of Treasury challenging the Corporate Transparency Act and its application to community associations. The law suit challenges the law on the grounds that community associations are exempt under Section 528 of the Internal Revenue Code and several constitutional grounds. A hearing on a motion for preliminary injunction is scheduled for October 11, 2024. The motion seeks to prevent the U.S. [Read More...]
Categories: Board Duties, Community Association Management, Federal Law & Regulations Tags: Beneficial Owner Information, Corporate Transparency Act, CTA
By Richard S. Ekimoto, Esq. A couple of days ago, on April 18, 2024, FinCen updated its FAQ to add two provisions about community associations. It states: C.10. Are homeowners associations reporting companies?It depends. Homeowners associations (HOAs) can take different corporate forms.As with any entity, if an HOA was not created by the filing of a document with asecretary of state or similar office, then it is not a domestic reporting company. Anincorporated HOA or [Read More...]
Categories: Communications, Community Association Management, Financial & Reserves, General, Hawaii Community Association Statutes, Meetings Tags: Certified Public Accountants, Condominium audits, CPA
By John A. Morris, Esq. Under Hawaii Revised Statutes Section 514B-150, all condominium associations with 20 or more units must annually have an audit and an unannounced cash balance verification. Condominium associations with fewer than 20 units may waive those requirements by a majority vote at a meeting. Subject to certain exceptions, an association must make a copy of the audit available to all owners and must provide a copy to those owners who request [Read More...]
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