Corporate Transparency Act Update
A recent update from the United States Department of Treasury, Financial Crimes Enforcement Network (FinCen) provides an extension of time to comply with the requirements of the Corporate Transparency Act for the initial reporting deadlines but there are strict requirements regarding the applicability of the extension as discussed below.
FinCen, on October 29, 2024, extended the initial reporting deadlines to July 1, 2025, for associations in counties affected by Hurricane Milton where
- Federal Emergency Management Agency (FEMA) assistance is available; and
- IRS tax filing deadlines have been extended.
Associations in the following counties are subject to the extension:
Alachua, Baker, Bradford, Brevard, Broward, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Flagler, Gilchrist, Glades, Hamilton, Hardee, Hendry, Hernando, Highlands, Hillsborough, Indian River, Lafayette, Lake, Lee, Levy, Madison, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putman, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, Suwannee, Taylor, Union, and Volusia.
Please click on the button below to read the FinCen bulletin.