Latest update: The last remaining injunction blocking enforcement of the Corporate Transparency Act (CTA) has been lifted. Reporting companies are now required to file beneficial ownership information (BOI) reports by March 21, 2025. While legal challenges continue, we encourage all reporting companies to prepare and submit any initial, corrected, and/or updated BOI reports before this new deadline. For more details, check out our most recent update here and stay informed through our CTA resource hub. For more details, check out our most recent update here and stay informed through our CTA resource hub.

In an effort to enhance transparency and combat financial crimes, The Corporate Transparency Act (CTA) mandates most businesses to disclose ownership information via an e-filing service by the U.S. Department of Treasury. Established nonprofit organizations may have learned that 501(c) organizations are exempt from reporting under the CTA. However, the exception for 501(c) organizations may not apply to all organizations that consider themselves “nonprofits.” Authored by Nick O'Brien and Kate Hughes, this article explores the exemptions and reporting requirements under the CTA, offering vital guidance for professional advisors and nonprofit leaders alike. For a comprehensive understanding of how the CTA impacts nonprofits, don't miss our feature article in the January/February issue of the Nebraska CPA, linked below. 

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