Legal Update: What the Corporate Transparency Act Means for Florida HOAs and Condo Associations
A recent update from the U.S. Treasury Department brings welcome news for Florida’s community associations. Changes to the Corporate Transparency Act (CTA) will significantly reduce compliance burdens for many organizations—including nonprofit condo and homeowners associations.
Here’s what your board needs to know.
What’s New from the U.S. Treasury?
On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) issued an interim final rule making key updates to how the CTA is applied:
- U.S. companies and persons are now exempt from reporting Beneficial Ownership Information (BOI) under the CTA
- The definition of a “reporting company” has been narrowed to cover only foreign entities registered to do business in the U.S.
- Foreign companies now have an additional 30 days to comply with BOI reporting requirements
These updates were designed to ease regulatory burdens on small businesses and nonprofit organizations—including your HOA or condo association.
What This Means for Your Association
Until now, many Florida community associations were uncertain about whether they needed to comply with the CTA’s reporting rules—especially those incorporated as nonprofit corporations.
With this new guidance:
- No BOI reporting is required for most Florida HOAs and condo associations under the current version of the law
- Associations can continue to focus on community operations and governance without the added stress of federal compliance
In short, your association no longer needs to report officer or director information to FinCEN—at least for now.
What This Means for Your Association
Staying Proactive: What Your Board Should Still Do
While the immediate pressure may be off, it’s still important to stay informed and prepared:
- Stay Updated – Laws and rules can change. Make sure your board monitors future developments from FinCEN and legal updates from your attorney.
- Review Governance Policies – Ensure your governing documents and business registrations remain accurate and compliant with Florida law.
- Consult Legal Counsel When Needed – Every community is different. Engage with experienced community association attorneys to address any lingering questions or to receive guidance tailored to your association’s specific circumstances.
We’re Here to Support You
At The Neighborhood Law Group, we’re committed to helping Florida community associations navigate legal changes with clarity and confidence. Whether your board has questions about the Corporate Transparency Act, governing document updates, or day-to-day compliance, we’re here to offer tailored guidance and peace of mind.
Let us help your board stay ahead of legal developments—so you can focus on leading your community.
Contact us today
To schedule a consultation and ensure your association remains protected, informed, and ready for whatever comes next.
