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News

Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies

The US Treasury Department / March 6, 2025

The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either. The Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. Treasury takes this step in the interest of supporting hard-working American taxpayers and small businesses and ensuring that the rule is appropriately tailored to advance the public interest.

“This is a victory for common sense,” said U.S. Secretary of the Treasury Scott Bessent.  “Today’s action is part of President Trump’s bold agenda to unleash American prosperity by reining in burdensome regulations, in particular for small businesses that are the backbone of the American economy.”

CTA NATIONAL UPDATE: Corporate Transparency Act Suspended for Domestic Reporting Companies

Updated March 3, 2025, 3 PM EST / March 6, 2025

On March 2, the U.S. Treasury Department issued a statement regarding enforcement of the Corporate Transparency Act.   

The official notice says, “not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory guidelines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either.”   

Further, the department said it will be issuing a proposed rulemaking to narrow the scope of the act to foreign reporting companies only  

This recent action is interpreted to mean the Corporate Transparency Act and its reporting requirements are no longer in effect for U.S. citizens or domestic reporting companies, including all applicable community associations.   

We thank the many CAI advocates who contacted their members of Congress to express their opposition to the act’s reporting requirements for community associations. Your voices were heard!  

CAI’S FEDERAL LAWSUIT STATUS

On October 24, 2024, CAI’s preliminary injunction request was DENIED by the federal judge in this case. While this

Corporate Transparency Act Blocked Nationwide by Texas Federal Judge

by Dawn Bauman, CAE, Phoebe E. Neseth, Esq. / January 27, 2025

On Dec. 26, the full panel of judges of the Fifth Circuit Court of Appeals issued an order vacating the stay of a preliminary injunction pausing reporting compliance under the Corporate Transparency Act. The U.S. Department of Treasury’s FinCEN released a statement this afternoon announcing BOI filings are voluntary.  

The most recent decision suspends the upcoming Jan. 2025 deadline requiring applicable community association boards to file sensitive personal information with the government in an effort to combat terrorist activities.  

The latest dramatic decision in Texas Top Cop Shop v. Garland follows a Dec. 23 order reversing a temporary preliminary injunction imposed by the U.S. District Court for the Eastern District of Texas.  

This means beneficial ownership information reporting requirements have been paused again by a federal court for applicable community associations under federal statute. This continues to be a developing issue. Association boards should remain vigilant and informed on these ongoing updates.  

FinCEN issued the following

Corporate Transparency Act Blocked Nationwide by Texas Federal Judge

by Dawn Bauman, CAE, Phoebe E. Neseth, Esq. | Dec 4, 2024 | Corporate Transparency Act, Court Cases, Federal Advocacy | / December 5, 2024

The Corporate Transparency Act and your HOA

August 21, 2024
The Corporate Transparency Act and your HOA

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FAQ’s

 A Homeowner’s Association (HOA) is an organization in a subdivision, planned community, or condominium/townhome building that creates and enforces the rules and regulations for the properties, the homeowners and their residents. An HOA’s documents also identify the structure for the Community’s Board of Directors, who establish an annual operating budget for the maintenance of the community’s common areas and amenities. Ultimately, the goal of having an HOA in place is to help preserve the value of your property.

Assessments are a mandatory source of income used to cover the costs of landscape and amenity maintenance, utilities and insurance, covenant enforcement, collection efforts and professional community management.

 Your Community’s Board of Directors has elected volunteers who are tasked with overseeing the daily functions of the business, which can be overwhelming and very time-consuming. In order to serve the community well, they will seek professional help from industry experts. That is where a professional management company can help.

The management company is a vendor hired by the Board of Directors to oversee the daily operational functions and provide education and communication to residents.


The management company will assign a community manager who is available to help with any questions you may have! They assist your Board of Directors with various matters, and provide constant collaboration and communication, which is key to your community’s success!

No, only members (owners) are allowed to vote.

When it comes to HOA Governance, management company professionals stay up to date with the State of Texas Legislation, and your HOA’sGoverning Documents for assistance. However, it is also important to know that there is a hierarchy that must be followed. Federal and State Laws will usually take precedence, and trump HOA Documents.

 Texas Property Code Section 209 - Texas Residential PropertyOwners Protection Act. This source is used for single-family developments and townhomes and is subject to changes every two to four years.


 Texas Uniform Condominium Act (TUCA) Chapter 82 -This source is used for condominiums.


 Texas Property Code Chapter 202- Construction and Enforcement of Restrictive Covenants. This applies to ALL Property Owners Associations (including condos) The Section(s) of this code covers Public Records Filings, Certain RestrictiveCovenants that are prohibited – i.e. it supersedes specific restrictions in the association’s governing documents regarding composting of vegetation, rainwater harvest systems, efficient irrigation systems and drought-resistant landscaping. It also covers the regulation of the Display of Political Signs, solar energy devices, Certain Roofing Materials, Flag Display, Display of certain Religious Items, Regulation of Firearms, and Sales of Beverages by Children. 

 Texas Property Code Chapter 207-  This applies to Property Owners Associations (excluding condos) and outlines the requirements for the Delivery of Subdivision Information to an Owner. (Resales)


 Community Recorded Plats – Engineered plans that show individual lots and common areas that are incorporated into the HOA.


 Declaration of Covenants, Conditions, and Restrictions (CC&Rs) – State official documents describing the rights and responsibilities of homeowners such as Architectural standards and procedures, assessment/dues structure, and required exterior home and lawn maintenance requirements.


 Articles of Incorporation – State official document to establish the community as a legal business entity.

 Bylaws – State official document providing operational procedures to the Board of Directors such as election processes, term restrictions, Board member duties, and Quorum details.

 Rules and Regulations – additional regulations that determine certain allowances and functions of a community.


 Board Resolutions and Policies – Additional rules and regulations that have been introduced by the Board of Directors and added to the official documents for the community.

A Board of Directors is the governing body that makes the decisions for your community. They are tasked with making decisions for the good of the community, Fiduciary Duty.

During Development, the Board of Directors is the Developer of the community. They remain in place until the community is ready to be transitioned to an elected volunteer homeowner board. This time frame is specifically defined in the Declaration of Covenants, Conditions, and Restrictions

 Log in to Vantaca Home – http://home.elevatecmtx.com/ and choose “Submit a Request” from the menu on the left-hand side or contact your Elevate manager

 Log in to Vantaca Home – http://home.elevatecmtx.com/

Log in to Vantaca Home – http://home.elevatecmtx.com/ and choose “Submit a Request” from the menu on the left-hand side or contact your Elevate manager

Log in to Vantaca Home – http://home.elevatecmtx.com/ and choose “Payments” from the left navigation menu

Your community has a certain set of rules applicable to each home in the community. A list of these rules can be found in the Declaration of Covenants, Conditions, and Restrictions and Rules and Regulations. The letter contains details of the violation and how to remedy the matter. Your community manager can also help with review and offer solutions.

 An Architectural Modification Form is a required form that outlines the details of your home improvement project. The Architectural Committee (formed according to your Declaration of Covenants, Conditions, and Restrictions and Rules and Regulations) made up of homeowner volunteers review the project request in a timely manner. All permanent exterior modifications to the home or lot must be reviewed by the Architectural Committee.

Contact your Elevate Community Manager. They can put you in contact with other committee volunteers.

Contact resale@elevatecmtx.com and a team member can help with any questions you may have.

 Contact info@elevatecmtx.com and a team member can help with any questions you may have.

Elevate Community Management staff is friendly, knowledgeable and honest. We strive to provide an enjoyable experience by taking care of what is important to YOU!

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Helpful Links

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