In just two months the final rule implementing Section 6403 of the Corporate Transparency Act will take effect. These regulations will undoubtedly impact millions of businesses, both domestic and foreign. Entities deemed "reporting companies" created on Jan. 1, 2024, or later will have just 30 days to report the required beneficial owner and company applicant information. There is a possibility that this 30-day period could be extended to 90 days, at least for the first year of implementation, but that has not been finalized yet, so companies must presume that the 30-day period will apply until an extension, if any, is issued. Reporting companies formed before Jan. 1, 2024, will have until Jan. 1, 2025, to submit beneficial owner information (BOI), but need not submit company applicant information. In either case, companies must be in preparation mode now and seek to gain a full understanding of the steps that should be taken to comply with the new regulations.