Effective January 1, 2024, an estimated 32.6 million entities will be required to report information about their beneficial owners to FinCEN as part of the Corporate Transparency Act (CTA). To combat money laundering and other illegal activities, the law provides harsh penalties for failing to report the required information. This reporting targets small businesses and holding entities, creating opportunities for accountants, tax practitioners and other business advisors to expand their service offerings. The reports require listing all “beneficial owners,” and they are imprecisely defined, possibly requiring an exercise of judgment. Review the CTA and a detailed discussion of what information needs to be reported to FinCEN.