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The Corporate Transparency Act: What You Need to Know

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What is the Corporate Transparency Act?

The Corporate Transparency Act (CTA), which took effect in January 2024, aims to combat money laundering and financial crime by requiring U.S. companies to disclose their true owners, known as "beneficial owners". These owners are individuals who ultimately control or benefit from the company. By shedding light on beneficial ownership, the CTA seeks to hinder criminals who use anonymous shell companies to hide illicit activity.
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Who needs to comply?

The legislation applies to all legal entities formed or registered in the US. Most associations - including HOAs and COAs - are subject to the Corporate Transparency Act.
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What do I need to do?

You need to file a beneficial ownership information (BOI) report for your associations which requires basic information about the association, identifying each "beneficial owner", and providing their personally identifiable information (PII).
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When do I need to file?

Entities formed before 2024 must file by January 1, 2025. Entities formed during 2024 must file within 90 days after their date of formation (or registration, in the case of a foreign reporting company).

How to Comply

  • File Electronically

    File Electronically

    File your BOI report electronically through the FinCEN Report system.

    FinCEN's secure platform guides you through the filing process, allowing you to invite each beneficial owner to create their own personal account where they can submit their PII securely. Once all information is gathered, you can file the report through the FinCEN system.

    CTA Graphics (1)

     

  • Vantaca API Integration

    Vantaca API integration. 

    COMING SOON: File faster through Vantaca's API integration. 

    Save time by utilizing the association and beneficial owner data you already have in Vantaca. Start the filing process by sharing association and owner information to FinCEN through our secure API. Finalize and file the report through FinCEN when ready. 

    BOI Report with Vantaca (2)

     

File Electronically

File your BOI report electronically through the FinCEN Report system.

FinCEN's secure platform guides you through the filing process, allowing you to invite each beneficial owner to create their own personal account where they can submit their PII securely. Once all information is gathered, you can file the report through the FinCEN system.

CTA Graphics (1)

 

Vantaca API integration. 

COMING SOON: File faster through Vantaca's API integration. 

Save time by utilizing the association and beneficial owner data you already have in Vantaca. Start the filing process by sharing association and owner information to FinCEN through our secure API. Finalize and file the report through FinCEN when ready. 

BOI Report with Vantaca (2)

 

More Resources for Community Associations about the Corporate Transparency Act

Vantaca Community Image for CTA (1)

Vantaca Community

Join Vantaca Community to connect, collaborate, and share best practices with fellow industry experts to navigate the changes of the CTA together.

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