Alerts2.27.24
New Corporate Transparency Act and the Tax-Exempt Entity Exception
Highlights
The Corporate Transparency Act imposes new reporting requirements for many U.S. entities
Entities that have federal tax-exemption are not subject to the filing requirements under the act
Nonprofit entities that are not tax-exempt are subject to the act and its reporting requirements
The business press is publishing stories on the new Corporate Transparency Act, which requires new filings and carries penalties. Our nonprofit clients have questions about how the new law affects them.
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