The Corporate Transparency Act (CTA) was enacted in 2021 with an effective date for compliance on Jan.1, 2024. This legislation plays a crucial role in preventing illegal money transfers into the U.S. from abroad as well as combat tax fraud and other illicit activities.

Who Needs to Comply?

The CTA requires companies identified as either domestic or foreign to comply. This includes corporations, limited liability partnerships, limited liability limited partnerships, business trusts, etc. This blog will specifically focus on condominium or homeowners’ associations, which are categorized as “domestic reporting companies.”

Reporting Requirements Unpacked