{"id":225778,"date":"2024-02-12T13:33:14","date_gmt":"2024-02-12T13:33:14","guid":{"rendered":"https:\/\/www.markperlbergcpa.com\/mark-perlberg-cpa-pllcs-guide-to-2024-new-small-business-trends-regulations\/"},"modified":"2024-02-12T13:33:14","modified_gmt":"2024-02-12T13:33:14","slug":"mark-perlberg-cpa-pllcs-guide-to-2024-new-small-business-trends-regulations","status":"publish","type":"post","link":"https:\/\/prosperlcpa.com\/blog\/2024\/02\/mark-perlberg-cpa-pllcs-guide-to-2024-new-small-business-trends-regulations\/","title":{"rendered":"Mark Perlberg CPA PLLC\u2019s Guide to 2024 New Small Business Trends &#038; Regulations"},"content":{"rendered":"<div class=\"pme-content\">\n<p><span style=\"background-color:white;\">This weekend we got a chance to see what\u2019s trending in the world of music via the 66th Annual Grammy Awards. But something that wasn\u2019t talked about on stage was the struggles of the music industry right now.&nbsp;<\/span><\/p>\n<p><span style=\"background-color:white;\">A lot of artists are facing difficulties with promoting their music online thanks to Universal\u2019s battle with TikTok. And many music giants, including Universal and Spotify, are issuing layoffs across the board.&nbsp;<\/span><\/p>\n<p><span style=\"background-color:white;\">And yet, Taylor Swift is a juggernaut through it all with really industry-savvy moves like re-releasing her old albums and producing her own movie.&nbsp;<\/span><\/p>\n<p><span style=\"background-color:white;\">It pays to pay attention to what\u2019s trending and strategize about how to capitalize on it.&nbsp;<\/span><\/p>\n<p><span style=\"background-color:white;\">And it\u2019s also worth talking about the long-term. Because that shifts your strategizing as well.<\/span><\/p>\n<p><span style=\"background-color:white;\">Think about it. Where do you want your business to be in a year? Two years? Five years? Ten? Positioning yourself for a long term strategy means focusing on the changes that will carry your Fulton County business through the ups and downs to get to that end result. So, when you make decisions based on trends, they\u2019re also unto the long-term strategy.&nbsp;<\/span><\/p>\n<p><span style=\"background-color:white;\">If you want to talk about how to make your business dreams a reality, I\u2019m right here:<\/span><br \/><a href=\"https:\/\/calendly.com\/d\/46r-49m-93k\/10-minute-intro-call\"><span style=\"background-color:white;\"><strong>https:\/\/calendly.com\/d\/46r-49m-93k\/10-minute-intro-call<\/strong><\/span><\/a><\/p>\n<p><span style=\"background-color:white;\">Now, besides that, I\u2019m often asked by my Atlanta business clients this time of year what they need to know that\u2019s new for 2024. Since I\u2019m having these conversations individually, I figured I might as well write about it for you too.<\/span><\/p>\n<p><span style=\"background-color:white;\">In addition to the newest regulations that we know for sure are happening, I\u2019m also including some small business trends on the horizon that are good to at least be aware of. Now you know.<\/span><\/p>\n<p><span class=\"text-huge\"><strong>Mark Perlberg CPA PLLC\u2019s Guide to 2024 New Small Business Trends &amp; Regulations<\/strong><\/span><br \/><span class=\"text-small\"><i>\u201cSmall businesses are essential, not just for the economy, but for the soul of our communities.\u201d \u2013 Amanda Brinkmann<\/i><\/span><\/p>\n<p><span style=\"background-color:white;font-family:Georgia, serif;\">New year, new list of small business trends to follow. This&nbsp;article is intended to give you a quick overview so you don\u2019t have to go track down each new tidbit you hear about in the news.<\/span><\/p>\n<p><span style=\"background-color:white;font-family:Georgia, serif;\">This list isn\u2019t all-inclusive; it\u2019s a sampling of the small business trends I\u2019ve been watching with interest.<\/span><\/p>\n<p><span style=\"background-color:white;font-family:Georgia, serif;\"><strong>Definitely happening<\/strong><\/span><\/p>\n<ul>\n<li><span style=\"background-color:white;font-family:Georgia, serif;\"><u>Minimum wage increases<\/u> &#8211; If your state is seeing an increase this year, you likely already know about it. Over 20 states will get wage hikes this year \u2014&nbsp;<\/span><a href=\"https:\/\/www.paycor.com\/resource-center\/articles\/minimum-wage-by-state\/\"><span style=\"background-color:white;color:#1155CC;font-family:Georgia, serif;\">here\u2019s the full list<\/span><\/a><span style=\"background-color:white;font-family:Georgia, serif;\"> of states, new minimums, and effective dates.<\/span><br \/>&nbsp;<\/li>\n<li><span style=\"background-color:white;font-family:Georgia, serif;\"><u>Venmo and Paypal payment reporting requirement pushed<\/u> &#8211; In November, the IRS once again pushed back a rule about reporting payments over 600 dollars through third-party platforms like Venmo or Paypal. Instead of needing to report those payments for 2023, they&#8217;re looking to establish a 5K threshold for the 2024 tax year as part of a gradual approach towards implementing the 600 dollar reporting requirement.<\/span><br \/>&nbsp;<\/li>\n<li><span style=\"background-color:white;font-family:Georgia, serif;\"><u>Business ownership reporting with FinCEN<\/u> &#8211; I\u2019ve already written about this multiple times in recent months so I won\u2019t spend a lot of time here. Most businesses formed before 2024 have until Jan. 1, 2025 to report their owners, but new companies created this year get 90 days from &#8220;go-live&#8221; to share that info with the government.<\/span><\/li>\n<\/ul>\n<p><span style=\"background-color:white;font-family:Georgia, serif;\"><strong>Possibly happening<\/strong><\/span><\/p>\n<ul>\n<li><span style=\"background-color:white;font-family:Georgia, serif;\"><u>Expanded overtime eligibility<\/u> &#8211; In August, the Department of Labor proposed a rule to extend overtime eligibility to 3.6M more workers. This change would require salaried employees in certain roles to receive overtime pay if they earn less than $55,068 annually (for full-timers), a significant increase from the previous $35,568 threshold. Legal challenges are expected when the final rule is released, which could happen in 2024.<\/span><br \/>&nbsp;<\/li>\n<li><span style=\"background-color:white;font-family:Georgia, serif;\"><u>Additional reporting for small business loans<\/u> &#8211; To reduce discrimination and boost transparency in loans, the Consumer Financial Protection Bureau (CFPB) decided last year to require banks to report demographic and income details of small business loan applicants. The goal is to create a mortgage industry-like database.<\/span>\n<p><span style=\"background-color:white;font-family:Georgia, serif;\">But critics argue these new rules may slow down and make it harder to get small business loan approvals. The CFPB has temporarily delayed compliance deadlines due to ongoing legal matters, but this is a crucial development to watch in 2024.<\/span><\/p>\n<p><span style=\"background-color:white;font-family:Georgia, serif;\"><i>Interesting to note<\/i>: As a result, 42 percent of small businesses are considering alternative financing options like crowdfunding, revenue-based financing, and invoice factoring in 2024.<\/span><\/li>\n<\/ul>\n<p><span style=\"background-color:white;font-family:Georgia, serif;\"><strong>Who knows if they\u2019re happening but they\u2019re interesting<\/strong><\/span><\/p>\n<ul>\n<li><span style=\"background-color:white;font-family:Georgia, serif;\">This small business trend isn&#8217;t going away: 72 percent of Gen Z and Millennials plan to start a side gig in 2024.<\/span><br \/>&nbsp;<\/li>\n<li><span style=\"background-color:white;font-family:Georgia, serif;\">58 percent of small businesses say access to affordable healthcare for employees is their biggest regulatory challenge in 2024. I\u2019m curious if you feel the same?<\/span><br \/>&nbsp;<\/li>\n<li><span style=\"background-color:white;font-family:Georgia, serif;\">Almost half of small businesses are planning to permanently adopt a hybrid or fully remote work model in 2024.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p style=\"margin-left:0in;\">What small business trends would you add to this list, my Atlanta friend?<\/p>\n<p style=\"margin-left:0in;\">&nbsp;<\/p>\n<p style=\"margin-left:0in;\">Looking ahead for you,<\/p>\n<p style=\"margin-left:0in;\"><strong>Mark Perlberg<\/strong><\/p>\n<p style=\"margin-left:0in;\">&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<style>.pme-content {\n\tfont-size: 1.2em\n}<\/p>\n<p>.text-tiny {\n\tfont-size: .7em\n}<\/p>\n<p>.text-small {\n\tfont-size: .85em\n}<\/p>\n<p>.text-big {\n\tfont-size: 1.4em\n}<\/p>\n<p>.text-huge {\n\tfont-size: 1.8em\n}<\/p>\n<p>.marker-yellow {\n\tbackground-color: #fdfd77\n}<\/p>\n<p>.marker-green {\n\tbackground-color: #63f963\n}<\/p>\n<p>.marker-pink {\n\tbackground-color: #fc7999\n}<\/p>\n<p>.marker-blue {\n\tbackground-color: #72cdfd\n}<\/p>\n<p>.pen-red {\n\tcolor: #e91313\n}<\/p>\n<p>.pen-green,\n.pen-red {\n\tbackground-color: transparent\n}<\/p>\n<p>.pen-green {\n\tcolor: #180\n}<\/p>\n<p>.pme-content blockquote {\n\toverflow: hidden;\n\tpadding-right: 1.5em;\n\tpadding-left: 1.5em;\n\tmargin-left: 0;\n\tfont-style: italic;\n\tborder-left: 5px solid #ccc\n}<\/p>\n<p>.pme-content .image img {\n\tdisplay: block;\n\tmargin: 0 auto;\n\tmax-width: 100%\n}<\/p>\n<p>figure.image {\n    text-align: center;\n}<\/p>\n<p>.pme-content figcaption {\n\tcolor: #333;\n\tbackground-color: #f7f7f7;\n\tpadding: .6em;\n\tfont-size: .75em;\n\toutline-offset: -1px\n}<\/p>\n<p>.pme-content .image-style-align-left {\n\tfloat: left\n}\n.pme-content .image-style-align-right {\n\tfloat: right\n}\n.pme-content .image-style-align-center,\n.pme-content .image-style-align-left,\n.pme-content .image-style-align-right,\n.pme-content .image-style-side {\n\tmax-width: 50%\n}<\/p>\n<p>.pme-content .image {\n\tposition: relative;\n\toverflow: hidden;\n\tclear: both;\n\ttext-align: center\n}<\/style>\n","protected":false},"excerpt":{"rendered":"<p>This weekend we got a chance to see what\u2019s trending in the world of music via the 66th Annual Grammy Awards. But something that wasn\u2019t talked about on stage was the struggles of the music industry right now.&nbsp; A lot of artists are facing difficulties with promoting their music online thanks to Universal\u2019s battle with TikTok. And many music giants, including Universal and Spotify, are issuing layoffs across the board.&nbsp;&#8230; <a class=\"more-link\" href=\"https:\/\/prosperlcpa.com\/blog\/2024\/02\/mark-perlberg-cpa-pllcs-guide-to-2024-new-small-business-trends-regulations\/\">Read More<a><\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[],"tags":[],"class_list":{"0":"post-225778","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"entry"},"_links":{"self":[{"href":"https:\/\/prosperlcpa.com\/blog\/wp-json\/wp\/v2\/posts\/225778","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prosperlcpa.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prosperlcpa.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prosperlcpa.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/prosperlcpa.com\/blog\/wp-json\/wp\/v2\/comments?post=225778"}],"version-history":[{"count":0,"href":"https:\/\/prosperlcpa.com\/blog\/wp-json\/wp\/v2\/posts\/225778\/revisions"}],"wp:attachment":[{"href":"https:\/\/prosperlcpa.com\/blog\/wp-json\/wp\/v2\/media?parent=225778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prosperlcpa.com\/blog\/wp-json\/wp\/v2\/categories?post=225778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prosperlcpa.com\/blog\/wp-json\/wp\/v2\/tags?post=225778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}