What small businesses need to know about new regulations going into 2024

Posted under: SMB
Date: 2024-01-02
What small businesses need to know about new regulations going into 2024

In 2024, businesses face significant regulatory changes impacting operations and compliance. Exemptions under FinCEN regulations apply to businesses with over 20 employees and $5 million in sales, leaving approximately 32 million small businesses subject to stringent personal information registration with FinCEN. Despite legal challenges, the regulation comes into effect in 2024, with extended deadlines – Jan. 1, 2025, for existing businesses and 90 days for new ones. Non-compliance penalties could reach $10,000, adding financial strain. The Internal Revenue Service (IRS) deferred reporting requirements for payments over $600 to 2024, aiming to avoid confusion and combat discrimination, but critics argue it may impede the loan process. The National Labor Relations Board has revised the joint-employer rule, extending liability for unfair labor practices to businesses making shared decisions about employees.

Read more at: thedailyrecord.com