Operators of some small businesses here and throughout the rest of the country could be facing some unpleasant times if they do not familiarize themselves — and take steps to comply — with a new federal disclosure rule that took effect Jan. 1.

Trouble is, it appears someone on the federal level dropped the proverbial ball in terms of disseminating important information to the businesses in question.

Thus, it is reasonable to conclude that some messy situations could be forthcoming, not only for many small businesses, but for the bureaucrats and other federal officials responsible for the distribution of information that should have started flowing in a big way in 2021.

Someone needs to provide an explanation about why the troubling possibilities that lie ahead for businesses with 20 or fewer employees were at all allowed to materialize.

Someone also needs to explain whether there might be leniency for companies that can prove that they have been outside the information loop through no fault of their own.

According to an article in the Feb. 10-11 Wall Street Journal, the new federal rule in question now requires more than 32 million small businesses nationwide to file ownership information to what the Journal described as a “little known agency in the U.S. Treasury Department.”

That agency is the Financial Crimes Enforcement Network, commonly referred to as FinCEN, Treasury’s anti-money-laundering bureau.

Meanwhile, the new filing requirements are mandated by the Corporate Transparency Act, sweeping bipartisan legislation passed in 2021 aimed at curtailing the use of anonymous shell companies and to track the flow of illicit money.

The law creates an ownership database and reporting rules for about 32 million companies across the country to file ownership information to FinCEN — if they have gotten word about this and what is expected of them.

Perhaps area chambers of commerce will be able, someday in the near future, to comment on the degree to which information about the reporting requirement has trickled down to area businesses and the amount of confusion and puzzlement with which the information has been met.

Nationwide, a troubling picture continues to emerge, according to Todd McCracken, president of the National Small Business Association, which in 2022 filed a lawsuit challenging the law. McCracken told the Journal, “As we talk to small businesses, there is a great lack of awareness on this.”

An NSBA survey of its membership published in November revealed about 47% of respondents said they had no idea what the Corporate Transparency Act was, while another 25% said they had heard of the law but did not know whether they needed to report.

Meanwhile, only about 16% said they were aware and did have to report, while 12% said they were aware but were not required to report.

Failure to file ownership information with FinCEN can result in significant criminal and civil penalties, including for companies’ senior executives, the Journal noted.

Willful failure to comply can result in fines of up to $591 a day for each violation.

Last month, the first month of reporting, 400,000 filings were recorded. However, small businesses and the secretaries of states responsible for registering new companies say the number of filings received so far are just a drop in the proverbial bucket.

FinCEN says it is working hard to get the word out about the disclosure rule. Too bad it did not start working hard enough from the start.