The Corporate Transparency Act was enacted in 2021 to help prevent bad actors from engaging in money laundering, tax fraud, and other illicit activities exploiting U.S. companies. As of Jan. 1, the CTA started requiring “reporting companies” to report information about the individuals who own or control the company to the Financial Crimes Enforcement Network (FinCEN). Failure to comply with the CTA carries stiff penalties and failure to timely submit a beneficial owner information (BOI) report will result in fines accruing …