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Here’s What Happened in the World of Small Business in May 2021
Here are five things that happened this past month that affect your small business.
1) The US Treasury proposed a global minimum corporate tax rate of 15%.
Continuing its push for a global minimum tax for businesses, the Treasury Department said on May 20th that corporations should pay at least a 15% tax on their earnings. That being said, the final rate could go even higher – a Treasury release said that the 15% minimum is a “floor and that discussions should continue to be ambitious and push that rate higher.” (Source: CNBC)
Why this is important for your business:
If your business grows to be a multinational corporation, this would affect your bottom line.
2) As offices reopen, some employees don’t want to go back – ever.
As the economy continues to reopen, the conversation around working from home or returning to the office (or some combination) is growing louder. According to a Harris Poll survey, “Forty percent of Americans prefer to work from home full-time, compared with 35% who seek a home-office hybrid and 25% who want to go back to the office full-time.” (Source: USA Today)
Why this is important for your business:
Deciding on your work from home policies going forward will influence employee satisfaction (and probably retention). Choose carefully.
3) Inflation fears abound as prices across various sectors continue to rise.
As the economy gains steam, “demand is coming back faster than supply. It’s a recipe for bigger price tags for everything from airline tickets to used cars, at least temporarily.” Congress has put the Federal Reserve in charge of controlling inflation, and while they think the jump in prices this year will fade, fears across the political spectrum continue. (Source: The New York Times)
Why this is important for your business:
Demand, supply, pricing – inflation would affect just about everything with your business.
4) As companies race to attract service workers, some are increasing their minimum wage.
As shops and restaurants reopen, some – like Chipotle – are looking to add to their workforce and are increasing pay to entice candidates to come onboard. (Source: Fast Company)
Why this is important for your business:
The push for a $15 minimum wage seems to have stalled in Congress for now, but some businesses are feeling the need to increase their wages to catch the eye of new employees.
5) As Americans start dining out again, food supply chain issues loom.
People are heading back to restaurants, bars, and other types of dining establishments, but “suppliers and logistics providers say distributors are facing shortages of everyday products like chicken parts.” They’re also facing “difficulty in finding workers and surging transportation costs as companies effectively try to reverse the big changes in food services that came as coronavirus lockdowns spread across the U.S. last year.” (Source: The Wall Street Journal)
Why this is important for your business:
If your business is in the food and beverage space, these supply chain interruptions could create problems for your operations.
More About Us
Get to Know Prestige Accounting Services Group (previously Prestige Wealth Accounting Group)
Offices in Flemington, NJ and Califon, NJ
Our Mission: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we are on a mission to redefine the tax experience for individuals and small businesses. With a focus on personalized service, strategic planning, and expert guidance, we aim to empower our clients to succeed financially with confidence and ease.
Expertise in Action: With a wealth of experience and a team of dedicated professionals, we specialize in individual and small business tax preparation. While we excel in all areas of taxation, our passion lies in serving the unique needs of small business owners in New Jersey. We understand that small business taxation requires specialized knowledge and attention to detail, which is why we go above and beyond to ensure our clients receive the guidance and support they deserve.
Tailored Solutions for Every Client: Whether you're a high-net-worth individual seeking comprehensive tax planning or a small business owner in need of accounting and bookkeeping assistance, we have the expertise to meet your needs. Our team takes the time to understand your specific situation and develop customized solutions that align with your goals and objectives.
Why Choose Us?: What sets us apart from other New Jersey tax firms is our commitment to excellence and innovation in the field of taxation. We don't just prepare tax returns; we provide strategic insights, proactive planning, and actionable advice to help our clients achieve their financial goals. With a team of two CPAs, an EA, and an ERO, we have the expertise and resources to deliver exceptional service and results.
Your Success is Our Priority: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we measure our success by the success of our clients. We are dedicated to building long-lasting relationships, providing unparalleled service, and helping our clients thrive in today's ever-changing tax landscape.
We can't wait for you to experience the Prestige Accounting Services Group (previously Prestige Wealth Accounting Group) difference.
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