Corporate Transparency Act (CTA)

 

The Corporate Transparency Act (CTA) was passed in 2024.  Under the CTA, corporations were to file a Beneficial Owner Information Report (BOIR) on or before January 1, 2025. BLMH is a Not-For-Profit Corporation and so it is mandated to file these reports.

However, this has been going through the courts and there was a stay order. As of December 26, 2024 the 5th Circuit Court of Appeals reimposed the stay “… in order to preserve the constitutional status quo while the merits panel considers the parties’ weighty substantive arguments…”

It is unknown of BLMH has filed the necessary documents.  The association's attorney has stated "For some associations, filing the BOIR now may be advantageous to avoid the uncertainty of evolving requirements and deadlines, as well as to maintain Board member engagement on the issue. For others, there may be value in waiting for the appeals process to conclude. It ultimately depends on whether your association prefers to step off the rollercoaster of CTA uncertainty and hedge its bets."

I'm no longer involved in the operation of BLMH.  However, I think owners would want to know where the board stands on this.  Failure to comply with such mandates usually involves fines, legal action and otherwise unnecessary legal fees.  These all raise owner's Fees.  

Happy New Year!

(c) 2024 N. Retzke