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Does Our Nonprofit Organization Need to File a BOI Report?

Executive Summary: No.

The Corporate Transparency Act provides 23 exemptions from the requirement to file a BOI report. Corporations exempt from tax under any paragraph of section 501(c) are not required to file a BOI report.

The actual text of the statute provides that the following type of organization is exempt from the BOI reporting requirement:

“… a church, charity, nonprofit entity, or other organization that is described in section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code of 1986, that has not been denied tax exempt status, and that has filed the most recently due annual information return with the Internal Revenue Service, if required to file such a return; ” https://www.congress.gov/bill/116th-congress/house-bill/2513/text#H0C5309F8039D4E02AED6F20AE674BBC8

So the exemption would cover 501(c)(3), 501(c)(4), 501(c)(5), 501(c)(6), etc.

For further reading in plain English (mostly) Wolters Kluwer is a trustworthy provider of technical reference materials and offers this:

https://www.wolterskluwer.com/en/expert-insights/the-23-exemptions-from-the-corporate-transparency-act

The reason certain entities are exempt from BOI registration is either because they are already subject to strict regulation and the government already knows who the beneficial owners are, or, in the case of a tax-exempt corporation, because there are no beneficial owners, and the officers and directors are reported on their Form 990 filing.

Tax-exempt corporations revoked under Section 6033(j) for failure to file an annual report or notice for three consecutive years remain exempt from BOI reporting for 180 days.

https://www.ecfr.gov/current/title-31/subtitle-B/chapter-X/part-1010/subpart-C/section-1010.380

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