As previously reported, new reporting requirements under the Corporate Transparency Act (“CTA”) went into effect in January 2024. These changes require certain corporate entities (including condominium and homeowner associations) to provide personal details of the individuals who exercise control over the company (i.e. members of the board of directors). In response to these new requirements, the National Small Business Association filed a lawsuit against the U.S. Treasury Department contending that these new reporting requirements are unconstitutional because they infringe on protected rights of state sovereignty, privacy and due process.

On March 1, 2024, U.S. District Judge Liles C. Burke…
Continue Reading Update to the Illinois Corporate Transparency Act: Do Condos and HOAs Have to Comply?