The Community Associations Institute urges support for H.R. 9045, introduced by Rep. Richard McCormick, which seeks to exempt community associations from the Corporate Transparency Act (CTA) reporting requirements. Under the CTA, associations must currently submit detailed information about board members and individuals with financial control to the Financial Crimes Enforcement Network (FinCEN) by January 1, 2025, or face significant penalties.
The law aims to detect financial crimes but exempts certain entities like tax-exempt organizations, and CAI argues that community associations, which operate similarly to these entities, should also qualify for exemption. The Institute calls on members to contact Congress to co-sponsor H.R. 9045 and to advocate for a companion bill in the Senate.