1. FinCEN Takes the Spotlight:
The Corporate Transparency Act, enacted in 2021, requires most businesses to register with the Financial Crimes Enforcement Network (FinCEN) by January 1, 2024. This aims to combat money laundering and other financial crimes by shedding light on beneficial ownership. While registration might seem complex, resources and guides are available to help you navigate the process. Check out FinCEN's website and your local business associations for assistance.
2. The IRS Takes a Breather (for now):
Remember the proposed requirement to report digital transactions exceeding $600 to the IRS? For now, it's on hold! Businesses can exhale as the IRS faces legal challenges on the rule. However, this could be a temporary reprieve, so keep an eye on updates.
3. Loans Get Scrutinized:
Get ready for stricter reporting on small business loans. The CFPB's small business lending rule requires lenders to collect and report data on loans under $1 million. While designed to protect borrowers, the rule creates additional paperwork for lenders and borrowers alike. Stay informed about potential exemptions and deadlines.
4. Joining Forces:
The National Labor Relations Board's joint-employer rule is back in the game, with potential implications for businesses that share workers or use franchising models. Understanding how this rule could impact your workforce and employment relationships is crucial. Consult legal counsel or your trade association for guidance.
5. Wage Wars:
Minimum wage increases are happening across several states in 2024. Stay informed about local regulations and adjust your payroll accordingly. Additionally, the federal overtime rule might see revisions, potentially expanding the number of eligible workers. Keep tabs on updates to avoid compliance surprises.
Bonus Tip: Remember, regulations are not your enemy! They aim to protect consumers, employees, and the overall business environment. Proactive compliance can save you time and money in the long run. Utilize resources from the SBA, your local chamber of commerce, and industry associations to stay ahead of the curve.
While regulations can feel daunting, staying informed and prepared empowers you to navigate the ever-changing business landscape. Remember, you're not alone in this journey. Embrace the resources available, stay proactive, and focus on what you do best – running your awesome small business!
Share your thoughts! What regulations are top of mind for you as a small business owner in 2024?
Let's discuss in the comments below!
Also, The Daily Herald wrote an article about it on Sunday December 24, 2023