Thursday Morning LIve
Mike Moraski talks with Tom Gosche on tax planning and savings.

Michael Morawski 
​Helping Busy Professionals Create Passive Income & Grow Generational Wealth, Trainer & Coach for Real Estate Investors, , Public Speaker, Host of Insider Secrets Podcast & Author.
Linked In: ​www.linkedin.com/in/michael-morawski/

Watch the Interview:
https://www.facebook.com/mike.morawski.54/videos/264863352885392

Running a small business can feel like piloting a rickety raft through a stormy sea. Between managing customers, finances, and operations, navigating the ever-changing landscape of regulations can seem like the last thing you need. But fear not, brave entrepreneurs! This blog is your compass, guiding you through the key regulations impacting small businesses in 2024.

1. FinCEN Takes the Spotlight:
The Corporate Transparency Act, enacted in 2021, requires most businesses to register with the Financial Crimes Enforcement Network (FinCEN) by January 1, 2024. This aims to combat money laundering and other financial crimes by shedding light on beneficial ownership. While registration might seem complex, resources and guides are available to help you navigate the process. Check out FinCEN's website and your local business associations for assistance.

2. The IRS Takes a Breather (for now):
Remember the proposed requirement to report digital transactions exceeding $600 to the IRS? For now, it's on hold! Businesses can exhale as the IRS faces legal challenges on the rule. However, this could be a temporary reprieve, so keep an eye on updates.

3. Loans Get Scrutinized:
Get ready for stricter reporting on small business loans. The CFPB's small business lending rule requires lenders to collect and report data on loans under $1 million. While designed to protect borrowers, the rule creates additional paperwork for lenders and borrowers alike. Stay informed about potential exemptions and deadlines.

4. Joining Forces:
The National Labor Relations Board's joint-employer rule is back in the game, with potential implications for businesses that share workers or use franchising models. Understanding how this rule could impact your workforce and employment relationships is crucial. Consult legal counsel or your trade association for guidance.

5. Wage Wars:
Minimum wage increases are happening across several states in 2024. Stay informed about local regulations and adjust your payroll accordingly. Additionally, the federal overtime rule might see revisions, potentially expanding the number of eligible workers. Keep tabs on updates to avoid compliance surprises.

Bonus Tip: Remember, regulations are not your enemy! They aim to protect consumers, employees, and the overall business environment. Proactive compliance can save you time and money in the long run. Utilize resources from the SBA, your local chamber of commerce, and industry associations to stay ahead of the curve.

In Conclusion:
While regulations can feel daunting, staying informed and prepared empowers you to navigate the ever-changing business landscape. Remember, you're not alone in this journey. Embrace the resources available, stay proactive, and focus on what you do best – running your awesome small business!
Share your thoughts! What regulations are top of mind for you as a small business owner in 2024?

Let's discuss in the comments below!

Also, The Daily Herald wrote an article about it on Sunday December 24, 2023
https://www.dailyherald.com/20231224/business/what-small-businesses-need-to-know-about-new-regulations-going-into-2024/ 

To start the year strong, a business owner should consider the following key actions:

​Starting the Year Strong

1. Reflect on the Past Year:
   - Take stock of your business's journey over the past year.
   - Evaluate successes, challenges, and lessons learned.

2. Set Clear Goals:
   - Define SMART goals that align with your business's vision and mission.
   - Break down long-term objectives into actionable steps.

3. Develop an Action Plan:
   - Create a detailed plan with timelines and assigned responsibilities.
   - Ensure alignment with your strategic goals.

4. Focus on Financial Planning:
   - Review and update financial forecasts, budgets, and cash flow projections.
   - Build financial resilience with a contingency plan.

5. Invest in Marketing and Branding:
   - Develop or refine your marketing strategy to enhance brand visibility.
   - Explore innovative approaches to promoting your business.

6. Enhance Customer Experience:
   - Prioritize customer satisfaction through feedback and improvement.
   - Foster long-term customer loyalty.

7. Embrace Technology:
   - Stay informed about technological advancements relevant to your industry.
   - Implement tools that streamline operations and enhance efficiency.

8. Employee Engagement:
   - Ensure your team is motivated and aligned with company goals.
   - Consider training and team-building activities for a positive work environment.

9. Risk Management:
   - Identify potential risks and develop strategies for mitigation.
   - Stay informed about industry trends and changes.

10. Adaptability and Innovation:
    - Foster a culture of adaptability and encourage innovation.
    - Stay open to exploring new ideas and adjusting strategies.

11. Networking and Partnerships:
    - Strengthen existing relationships and explore new partnerships.
    - Collaborate with others for mutual benefits.

12. Personal Development:
    - Invest in your professional development and leadership skills.
    - Stay informed about industry trends and continuously seek growth opportunities.

​Illinois has passed a new law that is going to impact independent contractors in 2024.  It basically requires written contracts for any independent contractor and it requires that they be reported on your new hire reporting just like new employees would be.
 
Illinois recently enacted broad protections for freelance workers. The Freelance Worker Protection Act (FWPA) requires entities contracting with freelance workers to provide written contracts and timely compensation and authorizes administrative and civil actions for violations. It will take effect on July 1, 2024.

The FWPA defines "freelance worker" as "a natural person" who is hired or retained as an independent contractor by any nongovernmental person or entity to provide products or services in Illinois, or for an entity located in Illinois, where the amount paid is at least $500 (in a single contract or in the aggregate of all contracts within a 120-day period).

The definition expressly excludes "employees," as defined by the Illinois Wage Payment and Collection Act, and individuals engaged by construction contractors or subcontractors, as defined by the Illinois Employee Classification Act.

Written Contracts
The FWPA requires the freelance worker and the contracting entity to enter into a written contract that includes, at a minimum, the following:

• The name and contact information of both parties, including the hiring party's mailing address.
• An itemized list of all products and services provided by the freelance worker, including the value of the products and services and the rate and method of compensation for such products and services.
• The date on which payment is due, which must be no later than 30 days after the products or services are provided.
• If the hiring party requires a list of products and services rendered to timely compensate the freelance worker, the date by which the freelance worker must submit the list.

The Illinois Department of Labor (IDOL) is required to make available model contracts for use by the general public at no cost.
​
The hiring party must provide a copy of the written contract to the freelance worker and retain the contract for at least two years. It also must produce the contract to the IDOL upon request.