What small businesses need to know about new regulations going into 2024

By MAE ANDERSON
AP Business Writer

NEW YORK (AP) — Regulations are a double-edged sword. They’re created to improve business dealings, discourage unfair or illegal business activity, and protect workers. But, for small business owners, they often mean more red tape, higher costs and possible penalties for failing to comply. Heading into 2024, there are several regulations that should be on small business owners’ radar, from new rules about registering with the Financial Crimes Enforcement Network to getting a (temporary) pass on paying taxes on digital payments over $600. Also, the Labor Department could finalize a rule that makes more salaried employees eligible for overtime.