On September 18, at 6 PM EST, join the DC Bar Pro Bono Center, Douglass Community Land Trust, Neighborhood Legal Services Program, UDC Law Community Development Law Clinic, and Latino Economic Development Center for a virtual training to learn about new housing cooperative reporting requirements mandated through the Corporate Transparency Act (CTA).
The CTA, which went into effect on January 1, 2024, requires U.S. businesses—including housing cooperatives— to report Beneficial Ownership Information (BOI) to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). New businesses are required to file a BOI report within 90 days of registration unless covered under exemptions. Existing businesses have until January 1, 2025, to comply. The Corporate Transparency Act was passed as part of the Anti-Money Laundering Act of 2021 to combat money laundering, tax fraud, and other illicit activities within U.S. businesses.
This training event is an excellent opportunity to ensure your cooperative is informed and ready to navigate new CTA requirements effectively ahead of the January 1, 2025 deadline. With many housing cooperatives required to report, NCBA CLUSA encourages housing co-op board members, residents, and management companies to register and learn who must report, what information is necessary, when to report, and how FinCEN will utilize this information.
