2024 Regulatory Changes Impacting Small Businesses

Small businesses will need to register with the Financial Crimes Enforcement Network in 2024 as part of the Corporate Transparency Act, aimed at cracking down on illicit financial activity. Businesses with more than 20 employees and over $5 million in sales are exempt, leaving an estimated 32 million small businesses affected.
The IRS has delayed a requirement for businesses to report payments over $600 made via third-party providers like Venmo and Zelle. The threshold is now set at $5,000 for the 2024 tax year, as part of a phase-in towards the $600 reporting threshold.
The Consumer Financial Protection Bureau will require banks to start reporting demographics and income of small business loan applicants, aiming for more transparency and less discrimination in the loan process.
The National Labor Relations Board has expanded the definition of a 'joint employer', making two companies that share decisions about employees both liable for unfair labor practices. The rule is set to take effect on Feb. 26, 2024.
More than 20 states will have minimum wage increases in 2024, and the Department of Labor has proposed a rule that would let 3.6 million more workers qualify for overtime.