A new survey of U.S.-based businesses—as well as the law firms and certified public accountants (CPAs) who serve them—uncovered a shocking lack of understanding and preparedness for the looming beneficial ownership reporting requirements of the Corporate Transparency Act (CTA).

Information services firm Wolters Kluwer asked 669 U.S.-based companies and 328 law firms and CPAs about their general awareness of the CTA’s reporting requirements, as well as their level of preparedness to comply when the Treasury Department’s Financial Crimes Enforcement Network’s (FinCEN) beneficial ownership information rule takes effect Jan. 1. Wolters Kluwer conducted the survey between June and July.

While the beneficial ownership rule will apply to more than half (51 percent) of the survey respondents, 74 percent of those affected said they only became aware of its requirements by taking the survey, Wolters Kluwer said in a press release Tuesday.