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Maine Alliance for Road Associations

FINCEN reporting for Nonprofit RA

  • 18 Nov 2024 9:57 AM
    Quote
    Message # 13431988
    Anonymous member

    I was wondering if there is any nonprofit road association that has gone through the process yet and has any feedback to provide?

    Also, if only one person needs to be named such as the president of the association rather than the entire board?

    Any feedback would be appreciated.
  • 21 Nov 2024 2:45 PM
    Quote
    Reply # 13433595 on 13431988
    Anonymous member

    From what we understand, If we are classed by the IRS as 501cc we will be exempt. If not it looks like we will have to file officers' information. We felt like we were on the fringe so we are taking the cautious route and just filing it for all the officers.

    Good luck!
  • 21 Nov 2024 2:46 PM
    Quote
    Reply # 13433597 on 13431988
    Anonymous member

    It really only takes a few minutes

    https://fincenid.fincen.gov
  • 04 Dec 2024 6:04 PM
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    Reply # 13437742 on 13431988
    Anonymous member

    My read of this is unless you are a charity or social club, you need to file.  The link provide before to create an ID is first https://fincenid.fincen.gov

    This requires you to scan in an ID to verify you and it will give you a FinCEN ID.  Second step is to file your Beneficial Ownership Information (BOI) which can be done online https://boiefiling.fincen.gov/fileboir

    This will ask for a Company Applicant which you just use your FinCEN ID and a Beneficial Owner which you use the same ID.  Technically, I believe every Director / Officer needs to be added with their  FinCEN ID

    Last modified: 04 Dec 2024 7:03 PM | Anonymous member
  • 05 Dec 2024 9:10 AM
    Quote
    Reply # 13437897 on 13431988
    Anonymous member

    Update: Texas Top Cop Shop, Inc., et al. v. Garland, et al. (case 4:24-cv-00478), decided on December 3, 2024, by the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (CTA). This injunction blocks the U.S. Department of Treasury from enforcing the BOI reporting requirements set forth by the CTA.

    Compliance Deadline Stayed: The compliance deadline for filing BOI reports, previously set for January 1, 2025, for companies formed before January 1, 2024, has been stayed. This means that reporting companies are not required to comply with this deadline while the injunction is in effect.

    Current Status: Companies are currently relieved from the obligation to file BOI reports under the CTA due to this injunction. However, this is based on a preliminary ruling, and there could be future legal proceedings or appeals that might affect this ruling.

    Potential Future Changes: While the injunction is in place, businesses should prepare to file if the injunction is lifted or modified through appeals or further legal action. The government might appeal this decision, potentially to the Fifth Circuit or even the Supreme Court, which could result in changes to the injunction's scope or its removal.
  • 05 Dec 2024 9:21 AM
    Quote
    Reply # 13437904 on 13431988
    Anonymous member (Administrator)

    On Tuesday, a federal district court judge for the Eastern District of Texas issued a nationwide injunction blocking implementation of the FINCEN reporting requirements.  While the government could appeal and seek to have the decision reversed, this suggests that, at least for the foreseeable future, no one, including our road associations, need report.  One of our board members has provided the Bloomberg article link below, which contains commentary as well as a link to the actual court decision.

    https://news.bloombergtax.com/daily-tax-report/corporate-transparency-act-blocked-nationwide-by-texas-court

                            The Maine Alliance for Road Associations


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