The Corporate Transparency Act (the “CTA”) was enacted on Jan. 1, 2021, to reduce terrorist financing, money laundering, and other illicit activities by increasing transparency and creating additional reporting requirements for businesses. The CTA went into effect on Jan. 1, 2024. As a result of the CTA, over 33 million small businesses, i.e. Reporting Companies, are now required to disclose information about their owners and ownership to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). Failure to comply with the CTA can lead to civil or criminal penalties. This session will provide a starting-point for discussions about the CTA including: (1) Reporting Companies and exempt companies; (2) Beneficial Owners and Company Applicants; (3) timing of reporting and updates to reports; and (4) information that must be reported.