Nonprofit Organizations and the Corporate Transparency Act

Effective as of January 1, 2024, the Corporate Transparency Act (“CTA”) requires most corporations, limited liability companies, and other registered entities to report Beneficial Ownership Information (“BOI”) to the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”). The CTA’s purpose is to combat illicit financial activity, including tax fraud, money laundering, and the financing of terrorism. Despite some recent developments (outlined below), the CTA remains in effect...
By: Dickinson Wright