In 2021, bipartisan efforts in Congress resulted in the enactment of the Corporate Transparency Act. This law imposes a new requirement for companies to disclose beneficial ownership information. The objective is to bolster the U.S. government's efforts to thwart the ability of wrongdoers to conceal or profit from illicit gains through shell companies or intricate ownership arrangements. The Corporate Transparency Act seeks to establish a confidential repository that federal authorities can utilize to identify all individuals associated with a reporting company.