On February 17, the United States District Court for the Eastern District of Texas granted the government’s motion for a stay on the nationwide injunction halting enforcement of the Corporate Transparency Act in Smith v. United States Department of Treasury. This was the last remaining nationwide order pausing beneficial ownership reporting requirements. As a result of this new court order, reporting requirements under the act are reinstated for applicable community associations. The new deadline to file an initial, updated, and/or corrected BOI report is now March 21, 2025.
In December, The Summit determined that it was in our Board’s best interest to continue with the registration process pending the final rulings from the courts. We encouraged our Board members to secure their individual FinCEN ID numbers and submit them to The Summit. Subsequently, The Summit filed the Beneficial Ownership Interest Report with the Financial Crimes Enforcement Network at the Department of Treasury. I am pleased to inform you that all our client HOAs (as of December 31) are already registered and compliant.
For those clients who have joined The Summit since December 31, you are either already compliant or will be well before the deadline.