CTA REPORTING IS DEAD TO US!

Over the last year MEEB has advised our clients to be patient, not be afraid, and to review the various CTA rulings and announcements judicially and to decide what course of action made sense for each association. Today we can say that all of our patience has paid off.

The United States Treasury Department announced Sunday that new rules will be issued shortly that will require only foreign companies to file under the CTA. Further, no enforcement action and/or fines will be taken against any U.S. Citizen or any domestic reporting companies. New rules will be announced in the coming days or weeks.

For those of us dedicated to protecting the legal interests of community associations, the Treasury Department’s announcement is fantastic news and evidence that common sense can still win the day. It appears the CTA reporting requirements for community associations are dead in the water, and reporting will only be required for foreign entities.

We will be looking for the new reporting rules and will update you as they are announced. If you have any questions regarding the CTA, please contact your MEEB attorney or law@meeb.com.