Treasury Secretary Janet Yellen following a tour of the Financial Crimes Enforcement Network (FinCEN) in Vienna, Virginia, on Jan. 8, 2024. Many businesses have a Jan. 1, 2025 deadline to submit an initial BOI report. This applies to about 32.6 million businesses, including certain corporations, limited liability companies and others, according to federal estimates. But it seems many business owners either aren't complying with or aware of the requirement, despite outreach efforts. The "vast majority" of businesses hadn't yet filed a report, "meaning millions of small business owners and their employees will become de facto felons come that start of 2025," it said.

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Persons: Janet Yellen, Valerie Plesch, Charlie Fitzgerald III, Moisand Fitzgerald Tamayo, FinCEN, Jan, Brian Nelson, Bevan Goldswain, Erica Hanichak Organizations: Bloomberg, Getty, U.S . Treasury Department, Treasury Department, Finance, CNBC, Treasury, Hudson Institute, Corporation Association of America, Department, Financial, Corporate, Coalition Locations: Vienna , Virginia, U.S, Orlando , Florida, R, Arkansas, Texas