TaxBandits Knowledge Base

What kind of reporting do homeowners associations do?

Whether a homeowners association (HOA) needs to report beneficial ownership information depends on how it was established. It is not considered a reporting company if the HOA was not found by filing documents with a state secretary or a similar office. If an HOA was officially incorporated by filing documents, it might still qualify for an exemption from reporting. For instance, HOAs recognized by the IRS as 501 social welfare organizations, or those claiming such status and meeting the requirements, could be exempt from reporting. However, an incorporated HOA that does not fall under the 501 category may be classified as a reporting company and thus required to report BOI to FinCEN.