DEADLINE JANUARY 1, 2025
• Balcony Inspections and
• Beneficial Ownership Information Reporting for Entities
C.A.R. has two new Quick Guides
Two unrelated laws have a deadline for compliance set for January 1, 2025. The first is the balcony inspection law which is a California law passed in 2018. The second is a federal regulation requiring entities to report their beneficial ownership information to the US Department of the Treasury.
C.A.R. has created two Quick Guides to explain the basic requirements of each one: “Balcony Inspection Laws: Deadline January, 2025” and “The Corporate Transparency Act and Beneficial Owner Information Reporting.”
California law requires a periodic inspection of balconies or elevated walkways in an apartment or condo association if the building has three or more multifamily dwelling units and if the balcony is built or supported with wood or wood-based material. The law mandates that the inspections be performed by specified professionals or contractors.
The Beneficial Ownership Information Reporting Rule is a regulation from FinCEN (The federal Financial Crimes Enforcement Network). For most existing entities, such as a corporation, information about the corporation and who owns it must be reported to FinCEN. This law will apply to most brokerages set up as a corporation even if only for tax purposes.
For both laws, the deadline is the same: January 1, 2025.