In 2021, Congress made a new law called the Corporate Transparency Act, this law requires companies to report who owns them. The goal is to help the government stop people from hiding their illegal money by using fake companies or confusing ownership structures.  Beneficial ownership information, or BOI, is simply the details about who owns a company. For example, if someone starts a company but puts another person's name on the paperwork to hide their identity, BOI helps reveal who is actually in charge. This information is important because it helps the government track down illegal activities and ensure that companies are being run fairly. This must be filed for new businesses created after January 2024 or exisiting businesess which fit the government's criteria.