The Corporate Transparency Act (CTA), effective January 1, 2024, mandates that many U.S. small businesses report their beneficial ownership information to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) by January 1, 2025. Failure to comply can lead to significant penalties, including fines and imprisonment. Filing is straightforward – businesses will not incur a fee for submitting their reports, and electronic forms are available on FinCEN’s website.