Mom-and-pop businesses are often an important part of the cities they serve. Even large markets like Miami and Dallas benefit from supporting their local merchants. There are more small business grant opportunities that help businesses in markets throughout the country.
Small Business News July 12, 2024
This week’s roundup includes more news related to small business regulation. The Supreme Court made another decision benefiting small businesses regarding Corner Post, Inc. v. Board of Governors of the Federal Reserve System. The case concerned the six-year statute of limitations to challenge an agency rule under the Administrative Procedure Act (APA). Speaking of regulations, the U.S. Treasury Department and the IRS have issued final regulations requiring brokers to report digital asset sales and exchanges. This regulation helps taxpayers file accurate tax returns for these transactions, which are already taxed under current law. For more small business news, here is the rest of the roundup.
Supreme Court Decision Empowers Small Businesses to Challenge Regulations
The National Federation of Independent Business (NFIB) celebrates the U.S. Supreme Court decision in Corner Post, Inc. v. Board of Governors of the Federal Reserve System. This case addresses a critical issue regarding when the six-year statute of limitations to challenge an agency rule under the Administrative Procedure Act (APA) begins.
Treasury and IRS Finalize Digital Asset Reporting Regulations
The U.S. Treasury Department and the IRS have issued final regulations requiring brokers to report digital asset sales and exchanges. This regulation helps taxpayers file accurate tax returns for these transactions, which are already taxed under current law. Over 44,000 public comments influenced the regulations, which will take effect in 2025.
eBay Advertising Unveils New Dashboard and Tools
eBay has introduced a new advertising experience to help sellers expand their businesses. This upgraded experience includes a redesigned Advertising dashboard, personalized insights, and intuitive campaign tools. The goal is to simplify advertising, increase listing visibility, and support continuous business growth.
NFIB June Jobs Report: Small Business Job Openings Decrease, Compensation Increases
According to the NFIB Monthly Jobs Report, small business owners continued to face challenges in hiring qualified employees for their open positions in June. NFIB Chief Economist Bill Dunkelberg highlighted that the number of small businesses with one or more job openings they cannot fill remains exceptionally high.
Business Owner Fined Heavily Over Teen Employment Program
An Iowa business owner is facing huge fines due to a teen employment program that the U.S. Department of Labor says violated youth labor laws. The business, Sugapeach Chicken and Fish Fry in North Liberty ran a program called Scholars Making Dollars. The program provided local kids with working experience and earnings while working around their school and parental schedules. However, the U.S.
Green Certifications Help Some Small Businesses Stand Out
Sustainability can be an effective way to make a business stand out in today’s market. While nearly any company can claim to be eco-friendly, green certifications can help businesses actually prove that they’re making positive changes. One such business that recently went through a rigorous certification process is Charlie & Echo, a small winery in San Diego.
Mark Cuban Cautions Entrepreneurs Against Following Their Dreams
“Follow your dreams” is a popular piece of advice for new entrepreneurs. But at least one prominent business owner thinks it’s not the best way to operate. Mark Cuban recently appeared on The Journal, of WSJ podcasts, where he discussed advice for other entrepreneurs, among other topics. One piece of advice he shared was, “Be prepared. It’s not about your dream.
Chain Pharmacy Closures Providing Opportunities for Independent Businesses
For years, independent pharmacies have struggled to compete with large chains. But now, a series of closures in some areas are opening up new opportunities for small businesses to thrive in this space again. For example, Rite Aid announced the closure of most of its locations in Michigan and Ohio last month, as part of the company’s Chapter 11 bankruptcy restructuring plan.
The Smallest Businesses Are Currently Facing the Largest Financial Struggles
Many small businesses are struggling right now. But it’s those with the fewest employees that are struggling the most. This realization comes from the Federal Reserve’s Small Business Credit Survey, which found that businesses with between one and four employees have seen larger declines in revenue than their larger counterparts.
How This Agritech Business Shifted from Startup to Small Business
When Matthew Sanford and Glen Watson founded their agritech company Agulus, their focus was on the startup phase. The company offered something that, at the time, was innovative within the industry – a streamlined digital marketplace that facilitated the purchase of various agriculture supplies and services.
Sophisticated Ghost Merchant Scheme Hits Chicago Business
Instances of fraud are on the rise, with U.S. businesses losing about 5 percent of their gross revenues to fraud. These schemes can be especially harmful to small businesses, and they’re getting increasingly sophisticated. For example, a small Chicago housing development business was recently charged more than $40,000 in fraudulent expenses.
Small Business Owner Retirements Hitting Rural American Especially Hard
An increasing number of small business owners are retiring. And in many communities – particularly rural ones – there aren’t enough young entrepreneurs looking to replace them. According to the 2022 U.S. Census Bureau Small Business Survey, about 52 percent of U.S. employer firms are owned by people over 55.
IRS Confirms Marijuana’s Status and Section 280E Tax Limitations
The Internal Revenue Service (IRS) has issued a reminder to taxpayers that marijuana remains classified as a Schedule I controlled substance under federal law. Consequently, businesses involved in the marijuana trade are subject to the limitations of Internal Revenue Code Section 280E.
Treasury and IRS Finalize Rules on Corporate Stock Repurchase Excise Tax
The Department of the Treasury and the Internal Revenue Service (IRS) have issued final regulations that provide guidance for taxpayers and tax professionals on reporting and paying the 1 percent excise tax on corporate stock repurchases. This new regulation looks to streamline the process for corporations and ensure compliance with the tax obligations imposed by recent legislation.
The Most Powerful Confidence Formula for Small Business Owners
When small business owners start a business, they have to have a lot of confidence; but as they come up against the market, customer acceptance, employees leaving, their confidence gets shaken. What is the best formula to get and keep your confidence? On The Small Business Radio Show this week, I talked with Regina Bonds who is known as the Confidence Coach.
Visa and Amazon Introduce Installment Plans for Canadian Shoppers
Visa has announced a new collaboration with Amazon, offering Canadian consumers more choices at checkout. Eligible RBC and Scotiabank credit cardholders shopping on Amazon.ca or the Amazon app can now select Installments enabled by Visa for qualifying purchases.
Chicago Business Owner Speaks Out After Multiple Acts of Vandalism
Crimes like vandalism can be devastating to a small business owner – especially when they seem to happen on an ongoing basis. That’s why one Chicago business owners is speaking out and trying to draw attention to the vandalism her business has faced. Whitney Cumbo is the owner of Prima, a beauty supply store in the Bridgeport area of Chicago.
Snapchat Adds New Personalization Features for All Users
Snapchat has announced several new features designed to make user accounts more personalized. These updates, many of which are available now, cater to the app’s growing base of Snapchat+ subscribers and general users. Snapchat+ is a subscription service offering exclusive and pre-release features that enhance user experience.
Small Businesses Consider Relocating Due to Rent Increases
Rent increases are harming small businesses across much of the U.S., according to a recent Bank of America Institute survey. And these struggles are forcing some small business owners to consider new locations. The latest data from Bank of American Institute, which was released in June, found that around 43 percent of small businesses in the U.S. are unable to fully pay their rent on time.
Small Business Owner, Unhoused Man Team Up for Business Success
Business owners don’t always follow conventional hiring practices. And for one landscaping business in the San Antonio, Texas area, that decision really paid off. Chad Huff is the owner of Chad’s Landscaping, which has been operating for more than 20 years. However, when the business was just starting, Huff had a difficult time finding reliable employees.
Image: Depositphotos
This article, "In the News: Grants of up to $25,000 Available Now" was first published on Small Business Trends
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