The federal Corporate Transparency Act (CTA) provides for new federal reporting obligations for many privately held corporations, limited liability companies, and other entities. The CTA will require entities subject to the Act to report to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) certain information about their individual beneficial owners and the individual applicants involved in forming such entities. Under recently enacted final regulations, these new reporting requirements take effect January 1, 2024. Newly formed entities as well as entities in existence on January 1, 2024, are subject to the new reporting requirements.