The Corporate Transparency Act goes into effect on January 1, 2024. Over 32 million small businesses will have to report who owns and controls the businesses to the Financial Crimes Enforcement Network (FinCEN). Do not assume your business does not have to report under the Corporate Transparency Act. The penalties for failing to report the required information are severe: they include up to two years in prison and civil fines of $500 per day of noncompliance.