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| The U.S. Department of Treasury’s Financial Crimes Enforcement Network has interpreted the Corporate Transparency Act, enacted in 2021, as applying to community associations unless exempt under the 501c4 exemption or having more than 20 employees and $5 million in annual revenue. These reports must include sensitive data such as board members’ names, addresses, and government-issued IDs. Existing associations have until January 1, 2025, to comply. Adherence to these deadlines is crucial as noncompliance can lead to severe penalties including fines up to $10,000 and imprisonment for up to two years. In addition, meeting the reporting requirements can increase administrative costs and place volunteers at risk of mishandling sensitive information. HOACTA’s software platform is designed to streamline this process and ensure compliance. Featuring advanced encryption, biometric verification, and robust fraud detection technologies, HOACTA’s solution simplifies data collection and submission, protecting associations from errors and potential data breaches. “Our mission at HOACTA is to make Corporate Transparency Act compliance fraud proof and foolproof for community associations,” says Ramona Acosta, PCAM, HOACTA’s Co-Founder. “By leveraging state-of-the-art encryption and biometric tools, we ensure associations can meet federal requirements while protecting their volunteers from data breaches and fraud.” Learn more about HOACTA’s compliance solutions and receive a $75 discount on your HOA report. This press release is a paid sponsor benefit provided by Community Associations Institute (CAI). CAI values its relationships with sponsors; the views and content expressed herein are solely those of the sponsor and do not represent an endorsement by CAI. About
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