The Corporate Transparency Act (CTA) may require businesses to report Beneficial Ownership Information (BOI) to FinCEN to enhance transparency and deter financial crimes. As of December 3, 2024, however, a Texas federal district court’s preliminary injunction put this requirement on hold, many experts expect that to be overturned. In that event, failure to file could lead to fines of $500 per day, up to a maximum of $10,000, and possible criminal penalties.