CTA FILING PROCEDURE SUMMARY: USE OF FREE MEEB PORTAL FOR YOUR PROPERTY
The CTA filing deadline is approaching with no immediate relief in sight so if your association(s) intends to file (see below regarding whether your association falls under the regulations), we recommend beginning to gather the information necessary to do so. One designated person can file the required report for FREE using the MEEB portal.
As you know from previous newsletters and communications MEEB has developed a free portal located on our website at www.meeb.com, that any community association or management company may use to file the Beneficial Ownership Interest Report (“BOIR”). The portal is connected directly with FinCEN, is easy to use, secure, and MEEB does not store any personal information of the Board members that is filed through the portal. We spent many hours developing the portal and making it very user-friendly and a tool that Board Members can use without paying legal fees to complete this filing.
For associations existing prior to January 1, 2024, the report needs to be filed by January 1, 2025. The following information/documentation is the only information needed to file the report:
legal name of the association;
tax identification number of association;
physical address for the association;
Name, address, date of birth, license number (or other government issued number such as a passport or state identification) and a copy of the government issued identification with photograph for each Board Member;
Name and email address of the person filing the report.
Whether your association should file or not is also something we can help with. There is a very strong likelihood that condominiums formed as trusts and/or formed as unincorporated associations, do not need to comply with the FinCEN filing requirements. Because the court cases challenging the regulations are pending, FinCEN has not definitively said the regulations do not apply, and because the answer as to whether or not the regulations apply to a specific association depends in part on the actual formation of the subject association, we cannot provide a blanket opinion that no condominium trust or unincorporated association needs to file at this time. However, some clients have requested a written opinion from us on this issue and we are able to review the formation of a particular association and draft an opinion addressing the issue, and often our conclusion is the association is exempt from filing. While our opinion cannot be definitive, we strongly believe that there is a very low risk that an association would face any type of penalty for failing to file after receiving an opinion from counsel.
As always, MEEB is here to assist your association and find the right solution as you navigate the new CTA requirements. Contact any MEEB attorney or reach us at law@meeb.com with any questions.