Since the enactment of the Corporate Transparency Act (CTA) on January 1, small businesses face additional paperwork requirements mandated by the Treasury Department. The CTA necessitates companies to disclose owners, controlling entities, or benefactors through a Beneficial Ownership Information (BOI) report. A "beneficial owner" is an entity or individual owning at least 25% of the business, exercising authority, or exerting high control over equity. Applicable to both domestic and foreign-owned entities, including small businesses and contractors, the CTA aims to combat unlawful activities and close loopholes in corporate regulations. The BOI report is submitted to the U.S. to restrict the use of shell companies, known for potential money laundering and tax evasion. Small businesses can use Treasury's Financial Crimes Enforcement Network to ensure accurate, timely, and error-free BOI reports, despite no fee, and seek financial advice for complex determining "beneficial owners."