Small businesses are now required to submit additional paperwork to the Treasury Department following the enactment of the Corporate Transparency Act (CTA) on January 1. The CTA requires companies to identify their owners, controlling entities, or other benefactors by submitting a Beneficial Ownership Information (BOI) report. According to the Treasury Department, a “beneficial owner” is an individual or entity that meets one of the following criteria: they own at least 25% of the business, they command a position of authority over the business, or they exert a high level of control over the business’s equity