The Corporate Transparency Act (CTA), set to take effect in 2024, introduces new reporting requirements for certain entities, particularly LLCs. This law is designed to help prevent money laundering, fraud, and other financial crimes by requiring LLCs to disclose ownership information to the U.S. Treasury Department. The CTA is especially significant for family businesses and individuals with complex estate plans involving LLCs, as it directly impacts how ownership information is reported and stored.