QUESTION: Do the requirements of the Corporate Transparency Act (CTA), including the submission of a Beneficial Ownership Interest Report (BOI Report) to the IRS, apply to Homeowner, Cooperative, and Condominium Associations organized under Chapters 718, 719, 720 and 723, Florida Statutes?

ANSWER:  Yes. The CTA mandates the filing of a (BOI Report) with the U.S. Treasury’s Financial Crimes and Enforcement Network (FinCEN), detailing information about individuals who own or control a Reporting Entity.  Unfortunately, Homeowner, Cooperative and Condominium Associations organized under Chapters 718, 719, 720 and 723, Florida Statutes, are considered Reporting Entities, and Officers and Directors are considered individuals with control over the Reporting Entities.

QUESTION:  Are there filing requirements and deadlines?

ANSWER: Yes. The filing requirements are as follows:

  1. New Entities (Post-2024 Reporting Entities): Entities formed on or after January 1, 2024, must file a BOI Report within 90 days of their formation or incorporation.
  2. Existing Entities (Pre-2024 Reporting Entities): Entities that existed before January 1, 2024, are required to file the BOI Report by January 1, 2025.
  3. Amendments to BOI Reports: Any changes to the information reported must be updated within 30 days of the change occurring.

QUESTION:  Where do we file the BOI Report and are there any fees associated with the filing of the BOI Report?

ANSWER: BOI Reports can be submitted electronically through the Beneficial Ownership Secure System (BOSS) on the FinCEN website, with no associated filing fees. We understand that a number of 3rd party providers are contacting Homeowner Associations throughout the state and offering to file BOI Reports on behalf of Homeowner Associations.  Please be advised that these 3rd party entities are not affiliated with the IRS or the Federal Government, and it is possible that some may be scams seeking to obtain confidential information from you.  It is recommended that you file directly at no charge directly through the following link: https://www.fincen.gov/boi

QUESTION:  What information is the IRS seeking?

ANSWER: The BOI Report must include:

  1. Reporting Entity Information:
    • Full legal name and trade names
    • Current address
    • Jurisdiction of formation/registration
    • Taxpayer Identification Number (TIN) or foreign tax identification number
  2. Beneficial Owners and Company Applicants:
    • Full legal name and date of birth
    • Complete current address
    • Identification details from a passport, driver’s license, or other government-issued ID

QUESTION:  What are the penalties for non-compliance.

ANSWER: Penalties for failing to comply with the CTA include:

  • Fines up to $10,000 per violation, escalating at $500 per day
  • Potential imprisonment for up to two years

QUESTION:  Who has access to BOI Reports and the information provided?

ANSWER: BOI Report data is not publicly available but can be accessed by law enforcement agencies and for compliance with anti-money laundering laws.