Software provider offers secure, fraud-proof filing for Corporate Transparency Act compliance.
Community Associations Institute, the leading international authority of resources and information for condominium associations, homeowners associations, and housing cooperatives is excited to announce HOACTA as its newest Premier Partner sponsor. As community associations across the U.S. navigate the federal Corporate Transparency Act, HOACTA offers a software solution that simplifies compliance, protects sensitive information during the filing process, and ensures associations meet federal reporting standards.
The U.S. Department of Treasury’s Financial Crimes Enforcement Network has interpreted the Corporate Transparency Act, enacted in 2021, as applying to community associations unless exempt under the 501c4 exemption or having more than 20 employees and $5 million in annual revenue. These reports must include sensitive data such as board members’ names, addresses, and government-issued IDs. Existing associations have until January 1, 2025, to comply. Adherence to these deadlines is crucial as noncompliance can lead to severe penalties including fines up to $10,000 and imprisonment for up to two years.
In addition, meeting the reporting requirements can increase administrative costs and place volunteers at risk of mishandling sensitive information. HOACTA’s software platform is designed to streamline this process and ensure compliance. Featuring advanced encryption, biometric verification, and robust fraud detection technologies, HOACTA’s solution simplifies data collection and submission, protecting associations from errors and potential data breaches.
"Our mission at HOACTA is to make Corporate Transparency Act compliance fraud proof and foolproof for community associations," says Ramona Acosta, PCAM, HOACTA’s Co-Founder. "By leveraging state-of-the-art encryption and biometric tools, we ensure associations can meet federal requirements while protecting their volunteers from data breaches and fraud."
>>Learn more about HOACTA’s compliance solutions and receive a $75 discount on your HOA report
This press release is a paid sponsor benefit provided by Community Associations Institute (CAI). CAI values its relationships with sponsors; the views and content expressed herein are solely those of the sponsor and do not represent an endorsement by CAI.
About HOACTA
HOACTA is an innovative software solution designed to simplify compliance with the Corporate Transparency Act for homeowners associations. The platform excels with its automated communication features, enabling homeowners association managers to effortlessly input essential information and automatically collect required details from board members. HOACTA ensures compliance through advanced ID capture technology, robust encryption, and adherence to global privacy and security standards, including GDPR, CCPA, and ISO/IEC 27001. Additionally, HOACTA provides fraud-proof filing by leveraging sophisticated OCR technology, artificial intelligence, and biometric verification to safeguard against fraudulent submissions. For more information, visit www.hoacta.app.