Thanks Tom. Do you have any guidance about who needs to be reported for an HOA? I’m the treasurer of my HOA. Our management company doesn’t seem to know anything about the BOI requirement. The Davis-Stirling site is a little vague. I asked our tax preparer who specializes in HOAs and their response was that they don’t assist with BOI filing. I appreciate any thoughts that you have. I’m sure there are millions of HOAs out there that don’t know about this filing requirement.
I am President of my HOA - I asked our HOA Attorney if we would be required to file and it took them a few months to reply. When they did reply they offered to report and could be the BO for $350. I do not believe they can be the BO. We do not even have an engagement letter with them. Obviously I would love for that to happen as I do not want to put my name on it, but after all the reading I have done on this I do not understand it that way. I do believe we must file for the HOA and it would be probably be the President or Treasurer that would be the BO??? Hopefully Tom can give us more guidence on HOA filing.
There is no good answer. A not-tax-exempt HOA is a reporting company unless it meets another exception. I would assume one or more of the board members are beneficial owners.
Thanks Tom. Do you have any guidance about who needs to be reported for an HOA? I’m the treasurer of my HOA. Our management company doesn’t seem to know anything about the BOI requirement. The Davis-Stirling site is a little vague. I asked our tax preparer who specializes in HOAs and their response was that they don’t assist with BOI filing. I appreciate any thoughts that you have. I’m sure there are millions of HOAs out there that don’t know about this filing requirement.
I am President of my HOA - I asked our HOA Attorney if we would be required to file and it took them a few months to reply. When they did reply they offered to report and could be the BO for $350. I do not believe they can be the BO. We do not even have an engagement letter with them. Obviously I would love for that to happen as I do not want to put my name on it, but after all the reading I have done on this I do not understand it that way. I do believe we must file for the HOA and it would be probably be the President or Treasurer that would be the BO??? Hopefully Tom can give us more guidence on HOA filing.
There is no good answer. A not-tax-exempt HOA is a reporting company unless it meets another exception. I would assume one or more of the board members are beneficial owners.