As the January 1, 2025 deadline approaches, businesses formed prior to 2024 are urged to comply with the Corporate Transparency Act (CTA). The act mandates reporting requirements aimed at increasing transparency in corporate ownership. Recent discussions highlight the significant implications of the CTA, particularly in light of the nearly $7 billion tax imposed by the Financial Crimes Enforcement Network (FinCEN) on small businesses. A federal court has also denied a request to delay the Consumer Financial Protection Bureau's (CFPB) small business lending rule, further emphasizing the urgency for compliance. Various legal experts and firms are providing guidance to help businesses navigate these requirements and meet the impending deadlines.