9 months ago

Business Regulations: What You Need to Know This Year

Episode Notes

What Regulations Will Be Impacting Businesses This Year?

There is a bill pending called the Corporate Transparency Act, that requires you to report to the treasury the beneficial owners of your company or companies.
Minimum wage is increasing in more than 20 states.
Certain states will be mandating sick time.
The Equal Employment Opportunities Commission (EEOC) has new workplace harassment rules which go into effect in 2024. They’re updating section 7 of the 1965 Civil Rights Act.
A new overtime rule is proposed and expected to come into effect. This rule raises overtime wages to $55,000 a year. Right now it’s $35,000.
The worker classification common period is ending. This will change how you classify your independent contractors. For instance, if you have an independent contractor that is materially important for your business and generating revenue for your business, they may now need to be classified as an employee.
Joint employers now must share liability. For example, this may impact franchisees. If you have an employee at your franchise, but the franchise company also has control over operations, then you’re considered joint employers.