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Matter Creator
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Corporate Transparency Act — HOA Board members
I’m within the throes of deciding what to do. My HOA, like most in my mega senior neighborhood has problem filling board positions. Alternatively, I take advantage of my driver’s license as my identifier with the IRS and SS admin. These CTA act necessities are a safety menace to HOA board members, who in contrast to enterprise homeowners, obtain no remuneration to probably steadiness the danger.
I do know there are organizations and people working to get an exemption for small HOA boards (there already are many different exemptions), however there was no success to this point.
I’m questioning what different board members ( I really feel positive there are some right here) are planning on doing.
Re: Corporate Transparency Act — HOA Board members
I get the underlying want for the Company Transparency Act, however making use of it to HOA boards is an overreach.
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Matter Creator
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Re: Corporate Transparency Act — HOA Board members
ILnative wrote: ↑Thu Sep 05, 2024 1:29 pm
I am coping with the identical conundrum proper now. Our HOA board has gone from 7 members to three as a result of nobody will serve and if the three of us give up over this it can go into receivership. I am tempted to get a PO field for a 12 months and solely use it for this goal and see what occurs.I get the underlying want for the Company Transparency Act, however making use of it to HOA boards is an overreach.
I don’t imagine the CTA will settle for a p.o.field as an tackle, if that’s what you’re pondering. You even have to offer Vanguard your road tackle in the event you use a p.o.field. Present legislation requires it. However perhaps you’re pondering of one thing else?
Re: Corporate Transparency Act — HOA Board members
1) Do nothing till they ask at the least 3 totally different occasions
2) Submit a scan of your passport with the entire key data redacted
3) Submit your driver’s license quantity however simply make up a quantity within the right “sample” and see in the event that they discover
Re: Corporate Transparency Act — HOA Board members
Kenkat wrote: ↑Thu Sep 05, 2024 2:10 pm
Just a few out of the field methods:1) Do nothing till they ask at the least 3 totally different occasions
2) Submit a scan of your passport with the entire key data redacted
3) Submit your driver’s license quantity however simply make up a quantity within the right “sample” and see in the event that they discover
1. sadly this would possibly not work as that is the private accountability of the helpful proprietor (which HOA BOD members are thought of in relation to the HOA) – all fines and penalties accrue to the INDIVIDUAL – not the HOA.
2 & 3. I imagine a kind is submitted on-line that’s then attested to – so the data is provided- not the precise ID – and I imagine it needs to be attested to…
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Matter Creator
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Re: Corporate Transparency Act — HOA Board members
Kenkat wrote: ↑Thu Sep 05, 2024 2:10 pm
Just a few out of the field methods:1) Do nothing till they ask at the least 3 totally different occasions
2) Submit a scan of your passport with the entire key data redacted
3) Submit your driver’s license quantity however simply make up a quantity within the right “sample” and see in the event that they discover
Thanks, however his is a severe anti-terrorist and anti-money laundering statute, supposed for the big-time company world. The penalties for “Knowingly failing to conform could set off a $500 per day civil penalty, $250,000 in fines and a five-year federal jail sentence.” Probably not keen to play video games.
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Matter Creator
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Re: Corporate Transparency Act — HOA Board members
Joey Jo Jo Jr wrote: ↑Thu Sep 05, 2024 2:44 pm
You’ll be able to simply can get a FinCEN ID on-line at FinCEN’s web site after which present that to 3rd events in lieu of DL/SSN.
For those who can level me to the place that is out there, it could be appreciated. My studying has proven solely drivers license or unexpired passport as acceptable ID. Positively not SS#
Re: Corporate Transparency Act — HOA Board members
I’ve no data of CTA however you may get a personal mail field, not a USPS P.O. Field. These could have one thing like a road addresses and a unit/suite quantity. They may even usually have a way of accepting supply of non-US mail deliveries. That’s FedEx could have a way of delivering. Thus locations like VG will settle for these however not PO containers
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Matter Creator
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Re: Corporate Transparency Act — HOA Board members
LotsaGray wrote: ↑Thu Sep 05, 2024 6:00 pmI’ve no data of CTA however you may get a personal mail field, not a USPS P.O. Field. These could have one thing like a road addresses and a unit/suite quantity. They may even usually have a way of accepting supply of non-US mail deliveries. That’s FedEx could have a way of delivering. Thus locations like VG will settle for these however not PO containers
Thanks, however the penalties for “Knowingly failing to conform could set off a $500 per day civil penalty, $250,000 in fines and a five-year federal jail sentence.” Probably not keen to play video games. The laws clearly state that the so-called “helpful proprietor”, which for some motive contains volunteer board members of small HOAs, should give their road tackle. No P.O. containers of any kind.
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Matter Creator
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Re: Corporate Transparency Act — HOA Board members
I don’t suppose you possibly can have each in my state, however I’ll name DMV tomorrow and ask. Good thought!
Re: Corporate Transparency Act — HOA Board members
littlebird wrote: ↑Thu Sep 05, 2024 5:35 pmKenkat wrote: ↑Thu Sep 05, 2024 2:10 pm
Just a few out of the field methods:1) Do nothing till they ask at the least 3 totally different occasions
2) Submit a scan of your passport with the entire key data redacted
3) Submit your driver’s license quantity however simply make up a quantity within the right “sample” and see in the event that they discoverThanks, however his is a severe anti-terrorist and anti-money laundering statute, supposed for the big-time company world. The penalties for “Knowingly failing to conform could set off a $500 per day civil penalty, $250,000 in fines and a five-year federal jail sentence.” Probably not keen to play video games.
Ah, okay, I’ve not heard of this once I served on my HOA board. If that is actually the penalty, I’d resign tomorrow. I wouldn’t even try to comply, there’s an excessive amount of danger there and nil profit to you.
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Matter Creator
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Re: Corporate Transparency Act — HOA Board members
Kenkat wrote: ↑Thu Sep 05, 2024 6:59 pmlittlebird wrote: ↑Thu Sep 05, 2024 5:35 pmKenkat wrote: ↑Thu Sep 05, 2024 2:10 pm
Just a few out of the field methods:1) Do nothing till they ask at the least 3 totally different occasions
2) Submit a scan of your passport with the entire key data redacted
3) Submit your driver’s license quantity however simply make up a quantity within the right “sample” and see in the event that they discoverThanks, however his is a severe anti-terrorist and anti-money laundering statute, supposed for the big-time company world. The penalties for “Knowingly failing to conform could set off a $500 per day civil penalty, $250,000 in fines and a five-year federal jail sentence.” Probably not keen to play video games.
Ah, okay, I’ve not heard of this once I served on my HOA board. If that is actually the penalty, I’d resign tomorrow. I wouldn’t even try to comply, there’s an excessive amount of danger there and nil profit to you.
Sure. And I think about most board members will do the identical throughout the nation, throwing small HOAs into unaffordable receivership. Then I suppose we’ll get an exemption.
In 2 weeks our administration firm is holding a gathering to debate the state of affairs. They’re the administration firm for the roughly 100 small HOAs in our mega senior neighborhood. I’ll wait till that assembly to decide . The deadline for submitting underneath the CTA is Dec.31.
And I moved to this condominium to have much less work and accountability than I had in my massive home, now that I’m in my 80’s. 
Re: Corporate Transparency Act — HOA Board members
littlebird wrote: ↑Thu Sep 05, 2024 7:57 pmKenkat wrote: ↑Thu Sep 05, 2024 6:59 pmlittlebird wrote: ↑Thu Sep 05, 2024 5:35 pmKenkat wrote: ↑Thu Sep 05, 2024 2:10 pm
Just a few out of the field methods:1) Do nothing till they ask at the least 3 totally different occasions
2) Submit a scan of your passport with the entire key data redacted
3) Submit your driver’s license quantity however simply make up a quantity within the right “sample” and see in the event that they discoverThanks, however his is a severe anti-terrorist and anti-money laundering statute, supposed for the big-time company world. The penalties for “Knowingly failing to conform could set off a $500 per day civil penalty, $250,000 in fines and a five-year federal jail sentence.” Probably not keen to play video games.
Ah, okay, I’ve not heard of this once I served on my HOA board. If that is actually the penalty, I’d resign tomorrow. I wouldn’t even try to comply, there’s an excessive amount of danger there and nil profit to you.
Sure. And I think about most board members will do the identical throughout the nation, throwing small HOAs into unaffordable receivership. Then I suppose we’ll get an exemption.
In 2 weeks our administration firm is holding a gathering to debate the state of affairs. They’re the administration firm for the roughly 100 small HOAs in our mega senior neighborhood. I’ll wait till that assembly to decide . The deadline for submitting underneath the CTA is Dec.31.
And I moved to this condominium to have much less work and accountability than I had in my massive home, now that I’m in my 80’s.
Boy, based mostly on some research, this factor feels like an actual mess. I’ve acquired to think about there are millions of small, self run HOAs that gained’t know something about these new necessities.
Re: Corporate Transparency Act — HOA Board members
littlebird wrote: ↑Thu Sep 05, 2024 6:53 pmI don’t suppose you possibly can have each in my state, however I’ll name DMV tomorrow and ask. Good thought!
In my state, Calif, when a driver’s license is modified to an ID card, the identical quantity continues.
Re: Corporate Transparency Act — HOA Board members
Jack FFR1846 wrote: ↑Thu Sep 05, 2024 9:43 pm
Dissolve the HOA. There are many houses not in an HOA that do exactly fantastic. And we pay zero {dollars} and have no one giving us fines.
+100 don’t want random nosey individuals maintaining a tally of what time my rubbish cans get put away or that my grass is 1/4” to tall.
Re: Corporate Transparency Act — HOA Board members
Jack FFR1846 wrote: ↑Thu Sep 05, 2024 9:43 pm
Dissolve the HOA. There are many houses not in an HOA that do exactly fantastic. And we pay zero {dollars} and have no one giving us fines.
I am undecided that will work for a condominium – how would homeowners coordinate to repair a shared roof or elevator? Simply pitch in what they thought was honest, out of the goodness of their hearts?
Crom laughs at your 4 Winds
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Matter Creator
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Re: Corporate Transparency Act — HOA Board members
Jack FFR1846 wrote: ↑Thu Sep 05, 2024 9:43 pm
Dissolve the HOA. There are many houses not in an HOA that do exactly fantastic. And we pay zero {dollars} and have no one giving us fines.
Sure, there are HOAs that roughly simply keep the lawns and yards of primarily single household houses. However that’s not how the condos in our improvement have been arrange 40 years in the past; we personal primarily a park that our condominium items, semi-attached, are scattered over. We share a home water provide, like an residence home does.
Aged individuals transfer into these items after they can’t or don’t need to any extra handle a home on their very own. None of us personal garden and backyard gear and most couldn’t use it any extra even when that they had it.
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Matter Creator
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Re: Corporate Transparency Act — HOA Board members
Joey Jo Jo Jr wrote: ↑Thu Sep 05, 2024 8:20 pmlittlebird wrote: ↑Thu Sep 05, 2024 5:49 pmJoey Jo Jo Jr wrote: ↑Thu Sep 05, 2024 2:44 pm
You’ll be able to simply can get a FinCEN ID on-line at FinCEN’s web site after which present that to 3rd events in lieu of DL/SSN.For those who can level me to the place that is out there, it could be appreciated. My studying has proven solely drivers license or unexpired passport as acceptable ID. Positively not SS#
It’s on their web site which you’ll be able to Google it if this isn’t the suitable hyperlink: https://fincenid.fincen.gov/landing
It’s possible you’ll be proper in regards to the SSN; been some time since I acquired my FinCEN ID.
Thanks. That is very fascinating. The TCA regs don’t point out the potential of utilizing this FinCEN ID of their assist part, the place they reply every kind of questions. To get this FinCEN ID, you now should current the identical identifiers- drivers license or passport. The benefit of with the ability to use it could be that your data is lodged simply with the Treasury Division, reasonably than with some safety start-up someplace . However the CTA is so draconian that I’d be afraid to fly solo- with out plenty of assist and a cohort of HOA board members. If I can submit queries to the administration firm assembly, I’ll ask about this. Thanks once more.
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Matter Creator
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Re: Corporate Transparency Act — HOA Board members
And plenty of people dwelling in condos are going to be shocked after they discover they should pay the hourly charges of a receiver, reasonably than getting Board companies free of charge. This will make condos almost unsalable. The one resolution is an exemption for small HOAs.
I can’t even think about how a board member might assist terrorists or launder cash with condominium homeowners demanding extra companies than they need to pay for, and a few of them combing by the financials each month.
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Re: Corporate Transparency Act — HOA Board members
Sure entities, comparable to banks, credit score unions, tax-exempt entities, and huge companies, are exempt from reporting. These entities are possible already submitting this data with a authorities company underneath separate regulatory necessities.
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