Beneficial Ownership Information Reporting
The Corporate Transparency Act (signed into law on January 1, 2021) expanded anti-money laundering laws and created new reporting requirements for certain companies doing business in the United States. Starting in 2024, many small businesses are required to report information about their beneficial owners to the Financial Crimes Enforcement Network (“FinCEN”) in an effort to create a national database for use by national security and law enforcement agencies to prevent the use of shell companies for criminal activity.
read more...UNDERSTANDING TYPES OF NON-PROFIT ORGANIZATIONS
The IRS, taxes, Internal Revenue Code, and exemptions are all things that require careful reading and consideration. IRS codes are a language of their own. If you are a non-profit organization in particular, knowing what your company designation is with the IRS is beneficial and important.
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