Starting January 1, 2024, the Corporate Transparency Act (CTA) requires over 33 million small businesses in the United States and a significant percentage of newly formed businesses to comply with reporting requirements. The CTA excludes 23 specific types of business entities, with entities existing as of January 1, 2024, filing prior to January 1, 2025, and those created on or after January 1, 2024, filing within 30 days of formation. The filing and storage of business ownership information (BOI) are done through a secure, nonpublic database called BOSS (the Beneficial Ownership Secure System), developed by FinCEN. Access to the BOI stored on BOSS will be limited to federal agencies, U.S. state, local, and tribal government agencies, foreign law enforcement agencies, financial institutions, federal functional regulators, and the U.S. Department of the Treasury. Failure to comply can result in severe civil and criminal penalties.