But, for small business owners, they often mean more red tape, higher costs and possible penalties for failing to comply.
"For a small business, you have a higher cost per employee when it comes to complying with regulations than your larger business competitors," said Tom Sullivan, vice president of small business policy for the U.S. Chamber of Commerce.
Heading into 2024, there are several regulations that should be on small business owners' radar.
REGISTERING WITH FINCEN
Small businesses will need to register with an agency called the Financial Crimes Enforcement Network in 2024, as part of an act passed in 2021 called the Corporate Transparency Act.
The act was intended to get a look inside shell companies and crack down on attempts by "criminals, organized crime rings, and other illicit actors to hide their identities and launder their money through the financial system," Treasury Secretary Janet Yellen said in 2022.
Businesses with more than 20 employees and more than $5 million in sales can qualify for exemptions. But that leaves an estimated 32 million small businesses that aren't exempt. The owners and part-owners of those businesses must register personal information with FinCEN, such as a photo ID and home address.
Despite legal challenges, the regulation is set to take effect in 2024. Deadlines have been extended, however. The deadline for existing businesses has been changed to Jan. 1, 2025, from Jan. 1, 2024.
Businesses that are created after Jan. 1 will have only 90 days to comply, extended from 30. The cost of not complying could be steep: Penalties can run as high as $10,000.
A REPRIEVE FROM REPORTING DIGITAL TRANSACTIONS OVER $600 TO IRS
This story is from the December 16, 2023 edition of Techlife News.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 16, 2023 edition of Techlife News.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
TIKTOK SUES US TO BLOCK LAW THAT COULD BAN THE SOCIAL MEDIA PLATFORM
TikTok and its Chinese parent company ByteDance are suing the U.S. over a law that would ban the popular video-sharing app unless it's sold to another company, arguing that it vaguely paints it as a threat to national security to get around the First Amendment.
INSTACART PARTNERS WITH UBER EATS TO OFFER RESTAURANT DELIVERIES
Grocery delivery company Instacart is partnering with Uber Eats to offer a new perk to its customers: restaurant delivery.
DISNEY'S STREAMING BUSINESS TURNS A PROFIT IN FIRST FINANCIAL REPORT SINCE CHALLENGE TO IGER
India, Disney+Hotstar, it expects its combined streaming businesses to be profitable in the fourth quarter and to be a meaningful future growth driver for the company, with further improvements in profitability in fiscal 2025.
RYAN GOSLING AND EMILY BLUNT ARE GREAT FUN, IN 'THE FALL GUY'
One of the worst movie sins is when a comedy fails to at least match the natural charisma of its stars. Not all actors are capable of being effortlessly witty without a tightly crafted script and some excellent direction and editing.
FRENCH CYBERWARRIORS READY TO TEST THEIR DEFENSE AGAINST HACKERS AND MALWARE DURING THE OLYMPICS
Just like the Olympic athletes, the cyberwarriors that will be crucial for the success of the Paris Games are deep into training for the big event.
VISION PRO UNVEILS MARVEL'S NEW INTERACTIVE EXPERIENCE: 'WHAT IF...?
Walt Disney Company revealed an innovative addition to its Disney+ lineup, exclusive to Apple Vision Pro users.
NINTENDO TO ANNOUNCE SWITCH SUCCESSOR IN THIS FISCAL YEAR AS PROFITS RISE
Japanese video-game maker Nintendo said this week that it will make an announcement about a successor to its Switch home console sometime before March 2025.
FTX WILL RETURN MONEY TO MOST CUSTOMERS LESS THAN 2 YEARS AFTER CATASTROPHIC CRYPTO COLLAPSE
FTX says that nearly all of its customers will receive the money back that they are owed, two years after the cryptocurrency exchange imploded, and some will get more than that.
SLOW TO EXPAND INTERNET CASINO GAMBLING IS THE FUTURE OF US BETTING, INDUSTRY EXECS SAY
Internet casino gambling is legal in only a handful of states, but the industry is convinced it is the future of betting, even as some worry about cannibalizing physical casinos.
US SEEKS INFORMATION FROM TESLA ON HOW IT DEVELOPED AND VERIFIED WHETHER AUTOPILOT RECALL WORKED
Federal highway safety investigators want Tesla to tell them how and why it developed the fix in a recall of more than 2 million vehicles equipped with the company’s Autopilot partially automated driving system.
