Knowing the value of your company is one the most beneficial things you can know about it. And yet, very few business owners know what their company, which may be their most valuable asset and largest investment of both time and money, is really worth.
The question then becomes, “How do you protect your business name and identity from unfair use by others?”
Last month, the DOL and NLRB announced that they signed a Memorandum of Understanding (MOU) that encourages inter-agency cooperation through information sharing and joint investigations with respect to companies that misclassify employees as independent contractors. Thus, if you are paying workers as independent contractors to save payroll taxes, overtime, benefit costs, or other expenses, you may be squarely in the crosshairs.
In a blow to the business community, the Federal Trade Commission (FTC) has announced that it has proposed a rule that would outlaw the use of employee non-compete agreements to protect businesses from the unfair use of its confidential business information.
Things to watch that are sure to affect every small to mid-size business as we enter 2023.
The IRS recently announced new rules that will go into effect in 2023 with respect to payment processors such as Venmo, PayPal, Cash App, Square, and other payment apps. While there is no change to the taxability of income realized through payment processors, there are now more stringent reporting requirements.