From the attorneys at SwedelsonGottlieb
We recently sent out an alert on the Corporate Transparency Act being blocked by a Judge from the Texas Federal Court. Specifically, Judge Mazzant of the U.S. District Court for the Eastern District of Texas issued a preliminary injunction against the Corporate Transparency Act (CTA), effectively halting its enforcement nationwide. At that point we were unsure as to what this actually meant for California community associations. We now have more information and good news.
We now know that the Financial Crimes Enforcement Network (FinCEN), which oversees Beneficial Ownership Information (BOI) reporting, has issued a formal statement addressing the matter. While the FinCEN’s statement is available on its website at https://fincen.gov/boi, for convenience, we provide it here.