2024 Small Business Regulations
Audio version available here:
Length: approx. 1 min. 30 sec.
With a new year, many new policies start coming into effect. 2024 is fast approaching and there are business regulations that are either beginning or reaching a final decision. Here are some regulations that small business owners should be looking out for in 2024.
As we previously reported, small businesses need to sign up with FinCEN due to the Corporate Transparency Act. Congress passed the act in an effort to stop “criminals” that hide or gain money through businesses that lack clear ownership or control. Registration begins January 1st, 2024 and ends January 1st, 2025. Make sure to file your report early or you may face hefty penalties.
You may notice that small businesses can have an arduous time getting loans. In order to combat “discrimination and have more transparency” for business loans, the Consumer Financial Protection Bureau proposed to require banks to report the “demographics and income” of applicants from small businesses. However, small business advocates say that this proposal will actually lengthen and make the process more difficult. Litigation is still ongoing, but it is worth keeping an eye on in 2024.
Another regulation to watch for is an increase to the minimum wage in several states for 2024. Additionally, the Department of Labor proposed a rule that would allow “3.6 million more workers [to] qualify for overtime”. The final ruling is expected to face legal hurdles, but should be monitored by business owners.
Despite lawmakers using the guise of helping businesses, regulations can more than often be a headache, especially for small businesses often facing higher penalties for noncompliance. To stay up to date and understand what regulations may affect you, follow XQ CPA for the latest business news. For tailored guidance on your business, reach out and make an appointment with our experienced financial advisors. We would love to help you.
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