A Practice Note providing an overview of the beneficial ownership reporting requirements under the Corporate Transparency Act (CTA), requiring certain privately held corporations, LLCs, and other entities to report information about themselves, their beneficial owners, and the individuals who created or registered them to do business in the US to the US Department of the Treasury's Financial Crimes Enforcement Network (FinCEN). This Note discusses the reporting requirements, exemptions from the requirements, and penalties for failure to comply.