The Corporate Transparency Act (“CTA”) has been a significant concern for community associations in 2024. The CTA requires corporate entities, including many condominium and homeowners associations, to report personal information for individuals exercising substantial control of these entities by the end of 2025. Individuals that qualify as beneficial owners under the Corporate Transparency Act would need to report names, dates of birth, addresses, provide unique government ID numbers, and copies of a government ID. Noncompliance with the Corporate Transparency Act could result in fines of up to $500 per day, capped at $10,000, imprisonment of up to two years, and other penalties.    Read the article…………………………….