Starting January 1, 2024, the Corporate Transparency Act (CTA) mandates over 30 million U.S. small and medium-sized businesses to report ownership details to the federal government. The CTA was passed in 2021 to eliminate anonymity in business ownership that previously allowed bad actors to hide illicit financial dealings and launder money, which they sometimes used in terrorist activities. It affects a broad spectrum of entities, including LLCs, corporations, partnerships, and trusts. Failure to comply may result in fines or imprisonment. Businesses formed after January 1, 2024, must report within 90 days of their formation, while pre-existing entities have until January 1, 2025. The reporting includes information on company applicants and beneficial owners, with the latter defined as those owning or controlling 25% or more of the entity. The CTA poses significant privacy concerns and challenges for reporting companies.