Corporate Transparency Act on hold for community associations

The Corporate Transparency Act (CTA) is currently on hold for community associations, with a recent Treasury Department announcement indicating it may not be enforced for U.S. citizens and domestic companies. This suggests an exemption for condominium and community associations. The Treasury Department plans to propose a rule that would limit the CTA's scope to foreign reporting companies only. This proposed rule is expected to be released later in March. In related matters, condominium owners must provide a copy of their tenant's lease to the association, as required by the Condominium Act. Additionally, there is no cap on how much a board can increase assessments, but owners can challenge significant increases under certain conditions.