7 New Rules For Small Business In 2023 | B2B Vault: The Payment Technology Podcast | Episode 142

1. How independent contractors 1099 will be classified: This could disrupt many businesses - the new classifications are already an issue in California under AB 5. The federal Government is making similar rules. https://www.federalregister.gov/documents/2022/10/13/2022-21454/employee-or-independent-contractor-classification-under-the-fair-labor-standards-act 2. Expanding the SBA lender network: This is a hot mess - during Covid, this happened and now there are a number or lawsuits and new rules. These Fintech lenders need to be held accountable and the government needs to a better job with controlling FRAUD. 3. Federal Trade Commission (FTC) proposes broadly banning non-compete agreements: Also, this could encompass non-disclosures and more - let's hope this stops the nonsense about stopping people from working in an industry - business owners need their secrets and customers protected. 4. Treasury Department's final rule would require detailed business ownership information: This could cause an issue in states like Delaware, Wyoming and Nevada, and a few others that do not disclose ownership on corporate documents that are available to the public. The exemptions always puzzle me as they say companies with 20 or more employees or $5m in revenue don't have to comply - that's just wrong. Could everyone please do it? FinCen wants to know who owns all these small companies and the IRS. Another attack on small business owners! 5. Immigration services fee for businesses: Raising the fee to bring people to work in the USA from $40-$50 to $1000. Personally, I like that! Google and many companies are laying these people off now and they will have to go home unless they find jobs quickly. (60-90 days) 6. Tighter rules and regulations on fund managers, and venture funds: This includes all types of Fintech companies - this is to ensure we do not have another FTX nightmare!That is why the SBA needs better controls as well. 7. Reprieve on payment network transaction requirements from IRS: The rule about reporting $600 or more on 1099K from Venmo, PayPal, Zelle, cash app etc.. has been delayed. The rule about reporting the $20,000 is still in tack or 200 transactions. This is cumulative across all payment types. The IRs will try to figure it out by the end of 2023. Meanwhile, many of these providers have made people turn their accounts into business accounts. Doing a little housekeeping themselves.