Corporate Transparency Act (CTA) Update

Corporate Transparency Act (“CTA”) took effect on January 1, 2024, and it requires most legally formed entities (Corporations, LLCs, etc.), including incorporated Associations, to file with the federal government what is known as a Beneficial Ownership Information Report (“BOI Report”). The filing deadline for Associations formed prior to 2024 is December 31, 2024, while the filing deadline for Associations formed in 2024 is 90 days from the date of formation. On an ongoing basis, if previously reported information changes, an entirely new report must be filed within 30 days of the change occurring.

We have partnered with the corporate services company Perfect Form to both complete and file your Association’s initial BOI Report, and to complete and file any required updated reports for your Association on an ongoing basis. We have negotiated an initial filing fee of $150 per Association, and the ongoing compliance fee is $50 per year, which includes filing as many required updated reports as may be needed as previously reported information (e.g. when there is Board turnover) changes.