Corporate Transparency Act - Reporting Required for Certain Nonprofit Organizations
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.