Community associations are upset and concerned about the Corporate Transparency Act (CTA) because it imposes new reporting requirements that many feel are burdensome, especially for smaller organizations like homeowners’ associations (HOAs).
The CTA mandates that associations disclose detailed information about their beneficial owners, which, in the case of HOAs, often means volunteer board members.
Moreover, many community associations are uncertain about whether they fall under the CTA’s regulations due to the vague definitions in the law, adding confusion to their compliance efforts. This added legal and administrative burden, combined with the potential penalties for non-compliance, has caused widespread concern among community associations, particularly those run by volunteers with limited resources.
Attorneys:
David Byrne, Esq.
Ansell Grimm & Aaron, PC
214 Carnegie Center, Suite 114
Princeton, NJ 08540
(609) 557-1031
dbyrne@ansell.law
www.ansellgrimm.com
Adam Clarkson, Esq.
Clarkson McAlonis & O’Connor, P.C.
3300 West Montague Avenue, Suite 200
North Charleston, SC 29418
(843) 885-8005
aclarkson@cmolawpc.com
www.cmolawpc.com
John LaGumina, Esq.
The LaGumina Law Firm, PLLC
2500 Westchester Ave
Purchase, NY 10577-2540
(914) 253-6554
jlagumina@laguminalaw.com
www.laguminalaw.com