What is the Corporate Transparency Act (CTA)?

The Corporate Transparency Act (CTA) introduces new regulations that require many HOAs to file Beneficial Ownership Information (BOI) with the Financial Crimes Enforcement Network (FinCEN). The deadline for initial filings is January 1, 2025, and ongoing updates are required anytime board members or key ownership changes occur.

Why does it matter to you?
Failing to file can lead to costly fines of $500 per day and potential criminal penalties. This regulation affects hundreds of thousands of HOAs across the country.

Why Compliance Matters

Failure to file your BOI report on time can result in significant penalties:

• $500/day fines
• Criminal penalties of up to $10,000
• Up to 2 years in prison for willful violations

Don’t let your HOA or its Board Members risk financial loss or legal trouble. Our service will ensure your filings are accurate and on time.

What Does Your HOA Need to Do to Stay Compliant?

In addition to the initial filing, HOAs must submit or update BOI whenever there’s a change in:

• Board Members
• Ownership (25% or more of units)

This means that your HOA will need to update its filings after board elections or whenever someone new gains significant control.

How We Help You Stay Compliant

At HOALife, we take the hassle out of filing BOI reports. Our user-friendly platform will guide you through the process in just a few minutes.

Here’s how we make it simple:

• Automatic Notifications
  We track your association’s changes and send alerts when updates are required.

• Streamlined Filing Process
  File your BOI information in minutes, not hours. We pre-fill the information so you don’t have to start from scratch.

• Update Anytime
  Easily invite new board members and update your BOI records when there’s a change in leadership.

Why Choose HOALife’s BOI Filing Service Instead of DIY?

We get it—some HOAs might consider handling BOI filing themselves. However, our service takes the hassle, time, and potential errors out of the process, offering benefits that go beyond a simple form submission:

• Easy Information Collection: We streamline the process by collecting information and ID photos from each board member and significant owner, so no one is left out or scrambling for documentation.
• Accuracy Assurance: With our guidance and checks, you can be confident your submission is complete and accurate, reducing the risk of mistakes that could lead to penalties.
• Automatic Reminders: Compliance doesn’t stop with the initial filing. We handle ongoing reminders to keep your records updated whenever there’s a board change or ownership update, ensuring ongoing compliance.
• Peace of Mind: Just like many people choose a tax preparer for accuracy and ease, our BOI Filing Service saves you the time and worry of managing this process yourself.

By choosing HOALife’s BOI Filing Service, you’re protecting your HOA from potential fines and the administrative burden, allowing you to focus on what really matters to your community.

Stay Ahead of the Curve

We are the experts in HOA management and compliance, and our platform is designed specifically for associations like yours. Whether you have 50 homes or 5,000, we make the BOI filing process easy, fast, and affordable.

• Exclusive early bird pricing for those who sign up early. Use code "EARLYBIRD2024" by November 15th for $50 OFF!
• Expert support to answer your questions and guide you
• Automated reminders so you never miss a filing deadline

Don’t let this new requirement take you by surprise.

FAQs

Do all HOAs need to file under the CTA?
Most HOAs will need to file, but there are exemptions for those with 501(c) tax-exempt status. Most HOAs are non-profits, but are not officially 501(c) organizations.

Who counts as a beneficial owner?
Typically, board members or anyone who owns 25% or more of the units in your association.

What happens if I don’t file?
Penalties can be severe, with fines of up to $500 per day and potential criminal penalties.

How long does the filing process take?
With HOALife, you will be able to file your BOI information in minutes with our streamlined platform.

Do I have to use HOALife software to access this service?
No. Our BOI Filing service is open to both current HOALife customers and new users not on the software. It is a separate platform designed to make compliance easy for all HOAs, whether you use our full suite of tools or not.