BUSINESS BRIEFS: Small Biz in Sights of Fed Financial Crimes Regs, and much more

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The chamber serves the communities of Bellingham, Franklin, Holliston, Hopedale, Hopkinton, Medway, Milford, Mendon, Millis, and Upton. More information is available at https://www.tricountychamberma.org

NFIB:Reporting requirement for small biz owners goes Start Jan 1

In an NFIB survey, 90% of NFIB members had never heard of the new small business ownership information reporting requirement regulation, set to take effect in January 2024. On September 18, NFIB sent a letter to the U.S. House Financial Services Committee expressing disappointment that the committee did not consider stronger legislation to delay or repeal the small business ownership information regulation. This is a substantial regulation that only affects small business owners. This federal law is set to expand the role of the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) to collect and store confidential personal information about small businesses that have 20 or fewer full-time employees and the individuals who ultimately own or control a company, known as the beneficial owners. To make matters worse and more difficult for small business, FinCEN released a 56-page compliance guide for the beneficial ownership information regulation. NFIB Vice President of Federal Government Relations Kevin Kuhlman recently testified before the U.S. House of Representatives Committee on Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions and was quoted in a Thomson Reuters article reacting to the release of the FinCEN Small Entity Compliance Guide. Kuhlman said the new FinCEN guide “more demonstrates the problems than answers the questions. What I think the compliance guide demonstrates is what began as ‘a simple and basic request’ for four pieces of information has turned into a very complicated 56-page compliance guide … that will overwhelm small businesses,” Kuhlman said on Monday. “NFIB would be supportive of taking a pause — delaying the requirements either administratively or by legislation — to improve the outreach, simplify the process, and allow business owners to better understand their compliance responsibilities.” The rule will affect a broad spectrum of businesses (U.S. and non-U.S. entities including LLCs, corporations, and entities formed under state or tribal laws) and require them to begin filing reports on their beneficial owners to FinCEN. Small businesses with 20 or fewer full-time employees and $5 million or less in gross receipts or sales as reflected in the previous year’s federal tax returns will fall under the new reporting requirement. “This is going to require 32.6 million small businesses to register their beneficial ownership information with the Financial Crimes Enforcement Network by January 1, 2024,” said NFIB Government Relations Director Jeff Brabant. “Anyone who has a 25% or greater stake in the company or is a senior officer will have to register a copy of their driver’s license and business information. This is a daunting task and probably the biggest regulation that no one is talking about right now.” NFIB will continue to push for a full repeal or delay of this legislation and urges FinCEN to provide more substantial outreach and education on this requirement to small business owners. Listen to the Small Business Rundown for a full advocacy update on this requirement and other current legislation. TAKE ACTION: Share how burdensome regulations have impacted your small business.

Yale New Haven Health acquires PhysicianOne Urgent Care

Yale New Haven Health System (YNHHS) announced last week that it has acquired PhysicianOne Urgent Care, a regional leader in 24/7 urgent care with operations in Franklin. YNHHS has had a successful clinical affiliation with PhysicianOne for the past six years that helped provide their patients with access to high-quality primary care providers and specialists in the area. As part of Yale New Haven Health’s commitment to expanding access to high-quality services across the region, fully integrating the community’s top-rated 24/7 urgent care provider is a natural next step. Although YNHHS is concentrated more in the Connecticut market, a spokesperson for PhysicianOne said that does not change the company’s commitment to or growth plans in the Greater Boston area.

Starting a Business 101

Wednesday, October 11,11:00 -12:00

Are you looking to start a business but don’t know where to begin? This virtual workshop will focus on business fundamentals, from start-up considerations to business plan development including marketing strategies and funding sources. Presented by Nancy Gerardi, Regional Director of the MSBDC Northeast Regional Office. Register here.

Join Tri-County Chamber of Commerce for informative breakfast with your Senators!

Speaking on the panel will be Senator Ryan Fattman, Senator Rebecca Rausch, Senator Karen Spilka, and Senator Michael O. Moore. Topics will include Economic Recovery and Job Creation, Small Business Support, Workforce Development, Infrastructure and Transportation,Tax Policies, Education and Innovation, and Environmental Sustainability. We will also present the 2023 Business of the Year Awards, we hope you will join us and cheer on your fellow chamber members! For more information, visit the Chamber web site here.

Disabilty Employment Highlighted on Beacon Hill

The Massachusetts Permanent Commission on the Status of Persons with Disabilities held its inaugural celebration in the Great Hall of Flags at the Massachusetts State House, this year marking National Disability Employment Awareness Month (NDEAM). The event honored employees with disabilities, policymakers, employers, service providers, and stakeholders of the disability community. The event focused on two Commission goals this year, promoting disability employment as an answer to the workforce crisis to improve Massachusetts’ competitiveness across industries and to focus on the workforce serving individuals with disabilities that is in crisis.

House Passes Wage Equity Bill

Today, in an effort to help close the gender and racial wage gap in Massachusetts, the House of Representatives passed the Frances Perkins Workplace Equity Act, a bill that requires employers with 25 or more employees to disclose a salary range when posting a position, and that protects an employee’s right to ask for salary ranges in the workplace. "With this legislation, Massachusetts will be one step closer to ensuring equal pay for equal work,” said House Speaker Ronald J. Mariano (D-Quincy). “Pay transparency will not only make our workplaces more equitable, it will also make Massachusetts more competitive with other states. I’d like to thank Chairman Cutler, and all my colleagues in the House, for their important work on this legislation.”