Memo by the Taylor English firm on the application of the Corporate Transparency Act (CTA) to HOAs. Their conclusion is that HOAs which file their taxes under IRC Sec. 528 (as most do) are not exempt from the CTA and must submit the required information. (Organizations that file under IRC Sec. 501(c) are exempt from CTA filing.) Client Alert. Corporate Transparency Act Poses Challenges for Homeowner Associations (02498991).DOCX (passle-net.s3.amazonaws.com)
Posted by: Byron King on 09/05/23 (This information is only accurate as of 09/05/23. You must contact SCR for updates and changes to this information after 09/05/23 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org or email byron at screaltors.org)
This information is not legal advice. This information is intended only to provide general information and may not be relied upon as specific legal guidance. Legal counsel should always be consulted before acting in reliance on this information.