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Federal Register / Vol. 86, No. 233 / Wednesday, December 8, 2021 / Proposed Rules
state that responded to the 2018 IACA
survey, and then calculated a per capita rate for each state by dividing the number of nonprofit corporations by state population. FinCEN then calculated a weighted average per capita, and multiplied this average by the U.S. population in 2021 to obtain an estimate of the number of nonprofits in the U.S. This estimate is 2,826,260.79.
20. Entities assisting a tax-exempt entity: FinCEN could not find an estimate for these entities, and a comment to the ANPRM suggested that the public is also not aware of a possible estimate; therefore, to calculate this estimate, FinCEN assumes that approximately a quarter of the entities in the preceding exemption would have a related entity that falls under this exemption, totaling 706,565.20.242
FinCEN welcomes comments on this assumption.
21. Large operating companies: This estimate is based on tax information.
There were approximately 231,000
employers tax filings in 2019 that reported more than 20 employees and receipts over $5 million.243 FinCEN
scaled this number to 232,564.47.244
22. Subsidiaries of certain exempt entities: According to a commercial database provider, as of 2021 there were 239,892 businesses in the United States that were majority-owned subsidiaries, either with a parent company inside or outside of the United States. While this estimate is not refined further to consider only wholly-owned subsidiaries of certain exempt entities, FinCEN is still providing this estimate for a point of reference.
23. Inactive entities: FinCEN is not proposing an estimate for this exemption given lack of available data.
FinCEN also assumes that inactive companies are not included in the X 0.25.
243 The gross receipts include all receipts from activities conducted directly by the entity, including foreign sales to the extent that the entity has a branch in a foreign country. However, it would not include, for example, the gross receipts earned by a foreign subsidiary of the entity.
244 This was calculated by multiplying the estimate by a 2019 scaling factor of 1.006772611.

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estimates from the IACA annual reports survey,245 so there is no need to subtract this exemption from the prior estimate.
However, there are likely to be some companies on corporate registries in the United States that fall under this exemption; such companies that were included in the 2018 IACA survey responses would impact FinCENs estimates by increasing the total number of reporting companies. FinCEN solicits comments on an estimate of these companies, and whether FinCENs assumption that inactive companies are not included in the numbers estimated herein is accurate.
After identifying these estimates, FinCEN further considered whether each of the entities described in the exemptions: 1 Meet the proposed definition of reporting company; and 2 is included in the IACA annual reports survey estimates. FinCEN
understands that some of the exempt categories may not register with the secretaries of state or similar offices in certain jurisdictions. For example, banks, credit unions, and insurance companies may only be required to register with the state regulator and not with the secretaries of state in certain jurisdictions.246 Additionally, governmental authorities are more likely to be chartered directly by a legislative body rather than formed by registration with a secretary of state. Because of this, FinCEN assesses that these entities are not included in the IACA annual reports survey estimates, and therefore do not need to be subtracted from the total companies estimate. As previously noted, FinCEN also assumes that inactive companies are generally not 245 IACAs 2017 survey specified in its questions that entities be in good standing or active. FinCEN
assesses that this same expectation applies to the 2018 survey, but recognizes that does not mean no such companies were included.
246 For example, Indianas Secretary of States website notes that its forms are not for use by insurance corporations or financial institutions, and that the appropriate state agency Department of Insurance or Department of Financial Institutions should be contacted for filings instructions. See Indiana Secretary of State, Business Forms, available at https www.in.gov/sos/business/
division-forms/business-forms/.

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included in the IACA annual reports survey estimates, and that in response to this survey, states provided counts of entities in good standing or active.
FinCEN also considered whether the exemption categories were likely to overlap, and therefore include counts of the same entities that would result in a duplicative subtraction. For example: A
variety of entities, such as public utilities, SEC reporting issuers, and brokers/dealers in securities, could be large operating companies with more than 20 employees and $5 million in gross receipts/sales; certain subsidiaries of exempt entities may themselves be exempt entities; or specific exemptions may overlap, such as insurance companies and state-licensed insurance producers. Another scenario could be that the exemption estimates include entities that are not in the IACA annual reports survey such as a bank that is a large operating company with more than 20 employees and $5 million in gross receipts/sales, resulting in an unnecessary subtraction.
Estimating the precise number of overlap for each of these possibilities and other potential overlaps is difficult due to lack of data. Critically, however, FinCEN assumes that any overlap would have a relatively minor effect on the burden estimate as a whole. With that in mind, FinCEN has not attempted to estimate each category of overlap.247
However, FinCEN welcomes comment on any material inaccuracies that not estimating these overlaps more precisely may cause, and suggestions for mitigation.
Table 2 contains a list of exemptions and the estimates to be subtracted from the total number of reporting companies estimated based on IACA data.
247 FinCEN considered whether it may be able to address the overlap between the large operating company exemption and the public utility exemption that was calculated using SUSB data.
Because the SUSB data may be filtered by employee size, FinCEN could remove from the estimate the number of entities with greater than 20 employees.
However, this estimate would be imprecise given that SUSB data does not consider the threshold of $5 million gross receipts/sales.

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