Nonprofits and the Corporate Transparency Act - Who Needs to File?

After a year of litigation and uncertainty, the U.S. Department of the Treasury removed the requirement for U.S. based companies and persons to file Corporate Transparency Act beneficial ownership information reports. So, as of March 21, 2025 all domestic reporting companies and U.S. persons are exempt from reporting. However, foreign reporting companies that are created under the laws of another country and registered to do business in a U.S. state or tribal jurisdiction may still be required to report their beneficial ownership.

If you are unsure about whether your organization is required to file, consult with an attorney.

Reports are filed online at Beneficial Ownership Information Reporting | FinCEN.gov.

For more information see: BOI_Small_Compliance_Guide.v1.1-FINAL.pdf (fincen.gov), or contact us at info@magillrumsey.com