Get ready, small business owners! In 2024, there will be some new rules to follow:
The Corporate Transparency Act means small businesses will need to register with the Financial Crimes Enforcement Network to tackle money laundering.
Good news for now: the IRS delayed a requirement that payments of over $600 via third-party providers like payment apps such as Venmo and Zelle have to be reported.
The Consumer Financial Protection Bureau wants more transparency in small business lending, asking banks to spill details on applicants. This will hopefully highlight potential signs of banks discriminating against borrowers.
The National Labor Relations Board’s joint-employer rule got pushed to Feb 26, 2024, expanding liability for unfair labor practices.
Also, minimum wage hikes in over 20 states and a Department of Labor proposal might extend overtime pay eligibility.
To read more about these changes, see this article in Inc.