The Corporate Transparency Act (CTA) has set the stage for significant changes in business reporting requirements in the U.S., introducing strict guidelines on Beneficial Ownership Information (BOI) as part of its implementation. This article explores what the CTA and BOI reporting mean for businesses, focusing on who must comply, what information is needed, and the consequences of non-compliance.

Failing to file is more common than you might think, and from my experience the most common reason is people have anxiety around how much they’ll owe in taxes, so they can (temporarily) avoid that anxiety by not filing and not seeing how much they owe.