A February 9, 2022, article in the Wall St. Journal discusses the Corporate Transparency Act (CTA).  Here are some statements from the article:

“FinCEN in December released what it said were the first of three sets of proposed rules governing how the database will work. . . . FinCEN on Tuesday said it received more than 230 comments in response to its proposed rules. . . . stakeholders, however, including organizations representing financial institutions and small businesses, expressed concerns over the potential challenges in complying with various aspects of the proposal, including the deadlines for submitting or correcting information submitted to FinCEN. . . . Several groups . . . said that the complexity of FinCEN’s definition of a beneficial owner could force even the smallest companies to engage attorneys and consultants to navigate the requirements [emphasis added], a measure that the NFIB argued small businesses couldn’t afford.”