CAI-KY: Empowering Communities. Enriching Lives.

Important Updates:

CTA NATIONAL UPDATE: Beneficial Ownership Reporting Requirements Reinstated by Federal Court and FinCEN Deadline Extension (Updated February 19, 2025)

On February 17, the United States District Court for the Eastern District of Texas granted the government’s motion for stay a nationwide injunction(Opens in a new window) halting enforcement of the Corporate Transparency Act in Smith v. United States Department of Treasury. The Court cited the Supreme Court of the United States’ decision to stay the preliminary nationwide injunction in the Texas Top Cop Shop, Inc., matter as precedent for their decision. 

This was the last remaining nationwide order pausing beneficial ownership reporting requirements. Due to this new court order, reporting requirements under the act are reinstated for applicable community associations. 

On February 19, FinCEN issued the following guidance(Opens in a new window) that the Department of the Treasury recognizes that reporting companies may need additional time to comply with their BOI reporting obligations, and FinCEN is generally extending the deadline 30 calendar days from February 19, 2025, for most companies. 

According to FinCEN(Opens in a new window), for the vast majority of reporting companies, the new deadline to file an initial, updated, and/or corrected BOI report is now March 21, 2025. FinCEN will provide an update before then of any further modification of this deadline, recognizing that reporting companies may need additional time to comply with their BOI reporting obligations once this update is provided. 

CAI continues to track movements in the federal courts over challenges regarding the Corporate Transparency Act and has contacted the United States Department of Treasury, urging an administrative delay be issued due to the chaos and confusion created by these recent court rulings and Congress’ deciding not to take legislative action to extend the filing deadline. 

CAI’S FEDERAL LAWSUIT STATUS

On October 24, 2024, CAI’s preliminary injunction request was DENIED by the federal judge in this case. While this decision was not the outcome CAI had hoped for, it does not mark the end of CAI’s efforts. CAI appealed the court’s denial of the preliminary injunction request on November 4, 2024, and on November 12, 2024, filed its opening brief of the appeal in the Fourth Circuit urging a pause on reporting requirements for community associations while this lawsuit is adjudicated. The Government filed it response to CAI's appeal on February 7, 2025. CAI has until February 28, 2025 to reply.

CAI’s other lobbying and advocacy efforts continue on Capitol Hill seeking both a one-year delay of implementation of the CTA’s reporting requirements and an exemption for community associations. The lawsuit itself is continuing to go through the legal process even as the preliminary injunction decision is being appealed. 

Meet Our New CAI-KY 2025 President!

Roxanne Schuchardt, CMCA

Community Association Manager | President, CAI 2025

Kentucky Realty Corporation – Louisville, Kentucky

Roxanne Schuchardt is an accomplished Community Association Manager with extensive experience in managing and enhancing residential communities. She holds the prestigious Certified Manager of Community Associations (CMCA) designation, reflecting her dedication to professional excellence and effective leadership in the field.

As the 2025 President of the Community Associations Institute (CAI), Roxanne is committed to promoting best practices and fostering innovation within the industry, empowering communities to thrive under proactive management and strategic planning.

In her role at Kentucky Realty Corporation in Louisville, Kentucky, Roxanne has demonstrated expertise in property management, conflict resolution, financial oversight, and ensuring compliance with regulatory standards. Her passion for creating harmonious, well-run communities has made her a trusted leader and mentor within the industry.

When she's not managing communities or spearheading initiatives at CAI, Roxanne enjoys contributing her time to reading, gardening and spending time with her family.

We are ecstatic to have her lead us into greatness this year!