FinCEN BOIR
Good morning!
We received an email from our management company a little while back that our HOA board of directors must file to get an finCEN identifier then file a BOIR. That deadline is coming up 1/1/2025. I have my finCEN id but out management company is refusing to give us our communities tax id number. Do they have the legal right to do that? Also do you know of any organizations that can help us file the BOIR? I find it confusing. Thank you!!
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Susan,
Your association’s TAX ID number is on your annual tax returns. Who the hell does your community manager think they are? They work for you, remember, and can be fired by the board at any time. I had to file one myself and use the online form from the federal department; it was relatively easy and free. Most association attorneys are offering a service to file forms for the board at a fee of around $350 to $500.
Additionally, just Yesterday, a Federal Appeals court in Texas applied a stay on compliance with the act until a court can rule on its constitutionality. I understand that the stay is applied nationally to everyone, but you should hear that directly from your attorney. Because the fines are $500 daily for anyone who fails to file, you need to get that advice directly from your attorney. It may be safer to file this year and then let the courts determine if you ever have to file again.
This is real easy.
Dennis
They think the board works for them and not the other way around!
Thank-you for your reply!!