Costello Sury & Rooney can assist your Association with this reporting using our fast and secure system.

As of January 1, 2024, Associations are required to comply with the Corporate Transparency Act by filing a Company Report and Beneficial Ownership Information (BOI) Report with FinCEN (a component of the U.S. Treasury Department). Information on all beneficial owners (for you this would be the Board Members) and the Association must be reported by December 31, 2024 in order to comply. Furthermore, any future changes to the Association’s Board of Directors will need to be reported within thirty (30) days of the change.

To file the necessary reports, the following documentation and/or information will need to be provided:

• For filing the Association’s Company Report, the Association’s:
  • Legal Name;
  • Principal Address; and its
  • Employee Identification Number.

(Note that all of this information is contained on an Association’s IRS Form W-9 or the first page of its IRS Form 1120).

• For filing each Director’s respective BOI Report, each Director’s:
  • FinCEN ID number; OR
  • Identifying Document (i.e. Driver’s License, Passport)

The fees for these services are $350.00 for the initial filing and $75.00 for any updates thereafter. Note: if the Association has a retainer with our office, the initial filing fee will be charged, but there is no charge for the updates thereafter.

If you have any questions, comments or concerns please contact Morgan Brons at mbrons@csrlawfirm.com or (630) 425-3615. We will be happy to help.