The Corporate Transparency Act (CTA) is set to take effect, with companies required to comply with its reporting requirements by March 21, 2025. The Financial Crimes Enforcement Network (FinCEN) announced this timeline, marking a significant step in the implementation of the law after a period of inactivity. The act aims to enhance transparency in corporate ownership to combat financial crimes. Concerns regarding its impact on nonprofits have also been raised, indicating a broader discussion about the law's implications for various sectors.