ANOTHER CTA UPDATE - NO PENALTIES FOR NOT FILING!!

FinCEN announced tonight that it will not issue any fines, penalties or take any other enforcement actions against any entity for not completing a CTA filing by March 21, 2025. FinCEN will issue new filing rules and will announce a new filing deadline further extending the current deadline beyond March 21, 2025, in the coming days or weeks.

MEEB has advised, and continues to advise, our clients not to rush to file as we had anticipated that there would be changes and delays in the enforcement of this law as it was clear from the start that community associations were not the intended target of the CTA.

MEEB remains optimistic that associations will be expressly exempt from any filing in the future. Wouldn’t that just make sense?

Although some companies have turned filings into a business, and have pushed associations to file out of fear, with the threat of any possible enforcement off the table, we think clients who would rather not file should hold off on filing until there is further clarity.

We will continue to closely track all developments and report on this issue so stay tuned for further updates.

If you have any questions regarding the CTA, please contact your MEEB attorney or law@meeb.com.