??TRUMP ADMINISTRATION SAYS THAT IT WILL NOT ENFORCE THE CORPORATE TRANSPARENCY ACT ("CTA") AGAINST DOMESTIC ENTITIES, JUST FOREIGN COMPANIES?? The Financial Crimes Enforcement Network (FinCEN) announced on, February 27, 2025, that President Trump’s administration would not be issuing fines, penalties, or take any other enforcement actions against entities that do not comply with the Corporate Transparency Act’s reporting requirements by the current, extended deadline of March 21, 2025, while it takes time to issue new rules and regulations to narrow the scope of the application of the CTA. Last evening, the Treasury Department announced that it will not enforce any penalties or fines against United States citizens or domestic reporting companies even after FinCEN’s forthcoming rule changes take effect. U.S. Secretary of the Treasury, Scott Bessent said: “This is a victory for common sense.?Today’s action is part of President Trump’s bold agenda to unleash American prosperity by reining in burdensome regulations, in particular for small businesses that are the backbone of the American economy." President Trump tweeted, in part last night: "Exciting news!?The Treasury Department has announced that they are suspending all enforcement of the outrageous and invasive Beneficial Ownership Information (BOI) reporting requirement for U.S Citizens.?This Biden Rule has been an absolute disaster for Small Business Nationwide.?….. The economic menace of BOI reporting will soon be no more." Thus it appears that the President Trump has decided to take the teeth out of CTA, at least for now.?That said, the law is still technically on the books and unless declared unconstitutional or repealed by Congress it does have the ability to resurface in the future depending on politics. ? Allcock & Marcus, LLC believes that CAI’s diligent nationwide legal battle against CTA’s application to condominiums, HOA’s & Coops has helped convince our leaders that CTA lacked “common sense”.?A&M lawyers filed amicus briefs on behalf of CAI?in Alabama and Texas federal & appellate Courts as well as in the United States Supreme Court relative to harms posed by CTA to condos, HOA’s and Co-ops.?A&M also participated in a lawsuit CAI filed against the United States on behalf of all condos, HOA’s and co-ops in Virginia Federal Court. At the same time A&M served local condos by providing a secure & efficient method (secure portal and AI generators) to comply with the law.?So for now (and perhaps for four years), it appears once again that condos, their boards and property managers can rest easy, as the whole compliance concern stemmed mainly from the potential for fines & imprisonment.?Hopefully, this is the end of CTA as we know it, although there is already scuttlebutt about some Senators suing the President & the Treasury to require enforcing the CTA law passed by Congress. A&M will of course continue to provide legal updates about CTA & areas affecting condos, HOAs & coops.
