Industry Leaders to Address Key Compliance Steps and Implications for Community Associations

Falls Church, Va., Nov. 18, 2024 (GLOBE NEWSWIRE) -- Community Associations Institute is hosting a live webinar, The Corporate Transparency Act: What Now and What's Next, on Wednesday, Nov. 20 at 2 p.m. EST. This critical event will provide an overview of the federal law's reporting requirements and practical strategies for compliance ahead of the upcoming Jan. 1 deadline. 

CAI is actively advocating to exempt community associations from the Corporate Transparency Act, which requires sensitive information to be disclosed to the Financial Crimes Enforcement Network. While the law is primarily designed to enhance transparency and combat money laundering and terrorist financing, its broad application places undue burdens on nonprofit, volunteer-led organizations like community associations.  

In response, CAI has filed a lawsuit challenging the applicability of the act to community associations. Although the court recently denied a request for a preliminary injunction to block the act's reporting requirements, CAI has filed an appeal, reaffirming its commitment to ensuring that community associations are not burdened by unnecessary regulatory obligations. Given these ongoing developments, this upcoming webinar will offer guidance on how community associations can navigate the complexities of the Corporate Transparency Act. 

Key topics include:  

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  • What information must be disclosed to the Financial Crimes Enforcement Network.  
  • Steps related to compliance and avoiding penalties.
  • Strategies for maintaining volunteer engagement amid new regulatory challenges.  
 Featured speakers: 

  • Dawn M. Bauman, CAE (moderator): CAI's chief strategy officer and executive director of the Foundation for Community Association Research.  
  • Ed Allcock, Esq., CCAL fellow: An attorney specializing in condominium and community association law in Massachusetts. 
  • Brendan P. Bunn, Esq., CCAL fellow: A community association attorney in Virginia and president of CAI's College of Community Association Lawyers. 
"As the compliance deadline nears, community associations must understand how the Corporate Transparency Act impacts their operations and what proactive measures to take,” says Bauman. "This webinar provides expert guidance to help associations navigate the law's requirements efficiently.” 

 >>Register today for the webinar. For additional information about the CTA and community associations, visit www.caionline.org/cta. 

CONTACT: Blaine Tobin

Community Associations Institute

703-970-9235

[email protected]