In the never-ending saga of court actions over FinCEN’s new Beneficial Ownership Interest (BOI) reporting requirement, a District Court in Texas stayed the injunction on BOI reporting earlier this week. This essentially means that BOI reporting is back on nationwide for community associations.
Under this new ruling community associations have until March 21, less than a month from today, to file their BOI or risk penalty. For additional information, on the requirements, the penalties, and how to file, please read our prior blog articles on the topic, here and here, and our Resource Page regarding how to file here. We will continue to monitor the situation and provide updates but are encouraging associations to monitor themselves and look for updates from Community Association Institute (“CAI”) who has still has an ongoing lawsuit specifically trying to exempt community associations from these reporting requirements.
