[WSBARP] Corporate Transparency Act

Fri Nov 1 14:01:21 PDT 2024

FYI, if the entity is exempt as a 501(c), it does not have to report.

L. 1. What are the criteria for the tax-exempt entity exemption from the beneficial ownership information reporting requirement?
An entity qualifies for the tax-exempt entity exemption if any of the following four criteria apply:
(1) The entity is an organization that is described in section 501(c) of the Internal Revenue Code of 1986<https://www.govinfo.gov/content/pkg/USCODE-2011-title26/pdf/USCODE-2011-title26.pdf> (Code) (determined without regard to section 508(a) of the Code<https://www.govinfo.gov/content/pkg/USCODE-2011-title26/pdf/USCODE-2011-title26.pdf>) and exempt from tax under section 501(a) of the Code<https://www.govinfo.gov/content/pkg/USCODE-2011-title26/pdf/USCODE-2011-title26.pdf>.
(2) The entity is an organization that is described in section 501(c) of the Code<https://www.govinfo.gov/content/pkg/USCODE-2011-title26/pdf/USCODE-2011-title26.pdf>, and was exempt from tax under section 501(a) of the Code<https://www.govinfo.gov/content/pkg/USCODE-2011-title26/pdf/USCODE-2011-title26.pdf>, but lost its tax-exempt status less than 180 days ago.
(3) The entity is a political organization, as defined in section 527(e)(1) of the Code<https://www.govinfo.gov/content/pkg/USCODE-2011-title26/pdf/USCODE-2011-title26.pdf>, that is exempt from tax under section 527(a) of the Code<https://www.govinfo.gov/content/pkg/USCODE-2011-title26/pdf/USCODE-2011-title26.pdf>.
(4) The entity is a trust described in paragraph (1) or (2) of section 4947(a) of the Code<https://www.govinfo.gov/content/pkg/USCODE-2011-title26/pdf/USCODE-2011-title26.pdf>.

Mark B. Anderson
ANDERSON LAW FIRM PLLC
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From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Bryce Dille
Sent: Friday, November 1, 2024 9:57 AM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] Corporate Transparency Act

Homeowners associations are not 501()(3) Entities and therefore are required to register in fact the National Association of homeowners associations has gone to court and tried to get a temporary injunction to restrain the registration of all associations which the court declined to issue therefore for the time being they are required to register under the act although there are multiple challenges by business associations as well as the homeowners associations to the constitutionality of the legislation but none of those cases will be heard until after the registration date so if you fail to register and the constitutionality of the statute is upheld then potentially you are at risk for the fines another penalties imposed for failure to register.

Bryce H. Dille
Dille Law, PLLC
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Olympia, WA 98502
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From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com>> On Behalf Of Douglas Scott
Sent: Friday, November 1, 2024 7:59 AM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>>
Subject: Re: [WSBARP] Corporate Transparency Act

I was informed that if a company is exempt under IRS Code section 501 (c), such as a non profit company, then they are exempt from reporting under the CTA.

DOUGLAS W. SCOTT
Rainier Legal Advocates|LLC

465 Rainier Blvd. N., Suite C
Issaquah, Washington 98027
425.392.8550 (tel)
425.392.2829 (fax)

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On Thu, Oct 31, 2024 at 2:36 PM Randy Boyer <randyedlynlaw at gmail.com<mailto:randyedlynlaw at gmail.com>> wrote:
Listmates,

This new Act is causing havoc with HOAs.  The law is not clear on who are the parties that need to disclose.  Some say Board members, some attorney state that it could be interpreted as al Owners in the HOA.  The law requires personal information including drivers licenses, etc.  It is hard enough to get owners to serve as a Board Member.  I am now seeing many small developments not having an HOA at all.  Primarily in Seattle who does not require HOAs on most short plats.

State law, though, requires all subdivisions and condos to have an HOA.  To be required to file under CTA the HOA has to be filed with the Secretary of State.  Is anyone considering forming an unincorporated HOA to avoid CTA.  In the past I have always had filed HOA in order to reduce individual liability to property owners.  I don’t think RCW 64.90 requires the HOA to be filed but many lenders want so see that. In subdivision many jurisdictions require to see the HOA filed.

I am just looking to see if a way can be found to not have HOAs file under the CTA.  I heard there might be a bill in Congress to exempt HOA, but who knows if that will get any traction.

Randy
Randy M. Boyer                                                 ______
Attorney, WSBA# 8665
Law Office of Randy M. Boyer, Inc. P.S.
7017 196th St. S.W.  Lynnwood, Washington 98036
• 425.712.3107|   Fax 425.778.2274
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