On February 17, 2025, the United States District Court for the Eastern District of Texas granted the government’s motion to stay the nationwide injunction that previously halted enforcement of the Corporate Transparency Act (this was the second case with a nationwide injunction having been issued). The Court cited the Supreme Court of the United States’ decision to stay the preliminary nationwide injunction in the Texas Top Cop Shop, Inc., as precedent for their decision in the second case.
What does this mean for Illinois not-for-profit corporations and condominium/homeowners associations? This means that if your corporation or association has not already filed a BOIR with current board member’s pertinent information, you must now comply by March 21, 2025, or face monetary fines being imposed for non-compliance. The link to FinCEN’s statement issued on February 19, 2025, relative to compliance by March 21, 2025, can be found here.
If you are not certain if your corporation or association has complied, please reach out to Tressler LLP and we can confirm what action has been taken and what may be needed. If you have not filed a BOIR and need assistance with filing the same by the March 21st deadline, please send an email to CTACompliance@tresslerllp.com and one of our attorneys will respond with the next steps.
Please feel free to reach out to one of our Tressler HOA law attorneys with any questions. For more information about this article, contact Katerina Tsoukalas-Heitkemper at kheitkemper@tresslerllp.com.