Here’s What Happened in the World of Small Business in October 2021

Melissa Clary Business, COVID 19, Fraud, Tax 0 Comments

Here’s What Happened in the World of Small Business in October 2021

Here are five things that happened this past month that affect your business.

1) Higher corporate rate appears to fall out of economic package

Biden’s advisers said that they are pursuing a range of ideas that could still raise substantial sums of money from corporations and the rich, including a tax on billionaires’ assets

Full story via the Washington Post

https://www.washingtonpost.com/us-policy/2021/10/20/white-house-tax-plan/

Why this is important for your business:

It appears policy makers are going after increasing taxes on the super rich versus many small business owners with their new proposals.

2) Returning to the office can be stressful for many team members. Make it easier by following these 5 tips.

The Covid-19 pandemic and the Delta variant have postponed many office reponeings. For many of your employees, the fear and delays have created added stress. A seasoned therapist shares her top five strategies for making the return to work as stress-free as possible.

Insight via CNBC

https://www.cnbc.com/2021/10/19/therapist-tips-on-making-your-return-to-the-office-less-stressful.html

 

Why this is important for your business:

Businesses nationwide are struggling with retention and finding new hires. Make sure you take care of your current team first.

3) Pushback to proposed $600 bank reporting causes the new threshold to increase to $10,000 in annual deposits or withdrawals

The revised version of the bank reporting proposal will also weaken its scope by exempting all wage income from counting toward the $10,000 threshold withdrawal, intending to ensure it applies to only larger account holders.

Details via the Washington Post https://www.washingtonpost.com/us-policy/2021/10/18/democrats-irs-bank-reporting/

Why this is important for your business:

A higher threshold would have made small business reporting more complicated.

4) Entrepreneur burnout is a real thing.

If your business is a startup or you’re an independent consultant with a handful of clients, chances are you’re burning the midnight oil binging on caffeine-laced drinks to stay alert and functional.

Here are three ways to avoid entrepreneur burnout from entrepreneur.com.

https://www.entrepreneur.com/article/386772

Why this is important for your business:

As entrepreneurs, we shouldn’t want to “hustle harder.” We should organize and automate the hustle.

5) Have you noticed? Cyber attacks are on the rise.

This is in part due to COVID-19 — hackers, wanting to take advantage of the chaos caused by the pandemic, growing digitalization, and the pivot to work-from-home, have stepped up their attack efforts over the past 18 months.

Tips to identify critical vulnerabilities from venture beat.

https://venturebeat.com/2021/10/15/cybersecurity-report-reveals-critical-business-vulnerabilities/

Why this is important for your business:

As attacks become more frequent, exploitable assets can become a serious liability for businesses.

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