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The Corporate Transparency Act (CTA), enacted in 2021, aims to increase transparency around corporate ownership. This blog post summarizes the key changes for corporations, small businesses, and LLCs, focusing on the impact in 2024. New Reporting Requirements: Beneficial Ownership Information: A core aspect of the CTA is the requirement for certain businesses to report information about their " beneficial owners. " These individuals ultimately control or benefit from the company, even if they do not hold an official title. Existing Companies Have One Year to File: Reporting companies created or registered to do business in the United States before January 1, 2024, must file by January 1, 2025. 5-Year Business Rule: Previously, only new businesses needed to report beneficial ownership information. Presently, under the CTA, any corporation or LLC formed more than five years ago must also file a report by a specified deadline (to be determined). Changes for Corporations