The U.S. Department of Labor (DOL) released a new overtime rule that took effect July 1. NFIB Small Business Legal Center Executive Director Beth Milito and Senior Attorney Rob Smith join this episode to discuss the details of the new rule and what it means for small businesses. They also answered common questions from small business owners about compliance on issues like worker classification, choosing salary versus hourly status, and hiring teenagers for seasonal help.

• Send questions on the status of the DOL’s new overtime rule to info@nfib.org
• Get more information about the new overtime rule in a recent webinar: https://www.nfib.com/webinars/new-overtime-rule-effective-july-1-2024-what-small-businesses-need-to-know/
• Get answers to questions about compliance with Wage and Hour laws: https://assets.nfib.com/nfibcom/Wage-and-Hour-Laws-Guide.pdf

To submit your questions or requests for future podcast topics or guests, please email podcast@nfib.org. 

NFIB’s annual Fly-In took place in Washington D.C. on June 11-12. Over 100 NFIB members gathered to hear expert speakers and meet with lawmakers on Capitol Hill. NFIB President Brad Close and Vice President of Federal Government Relations Jeff Brabant talk about the event and the two issues small business owners discussed with congressional offices during the Fly-In. Those issues included repealing the new national small business registry and stopping a massive tax increase planned for small businesses.

Sign NFIB’s petition telling Congress to make the 20% Small Business Deduction permanent: https://www.nfib.com/advocacy/now/?vvsrc=%2fPetitions%2f4124%2fRespond

Urge Congress to support the bill to repeal the new national small business registry requirement: https://www.votervoice.net/NFIB/Campaigns/107617/Respond

To submit your questions or requests for future podcast topics or guests, please email podcast@nfib.org. 

Inflation is the top problem for small business owners and has consistently ranked as one of their top two concerns since November 2021. To help small businesses fight inflation, NFIB called on Congress and the White House to take action in five ways. NFIB Research Center Executive Director Holly Wade and Federal Government Relations Vice President Jeff Brabant provide an economic overview, explain why navigating inflation is challenging for small businesses, and how these five steps by Congress and the White House will help reduce inflation.

More information on the top five list: https://strgnfibcom.blob.core.windows.net/nfibcom/Inflation-One-Pager.pdf

Take Action:

• Reduce burdensome regulations: https://www.votervoice.net/NFIB/campaigns/113396/respond
• Make the 20% Small Business Deduction permanent: https://www.nfib.com/advocacy/now/?vvsrc=%2fPetitions%2f4124%2fRespond
• Support adding competition into the credit card marketplace and lower swipe fees: https://www.votervoice.net/NFIB/campaigns/97182/respond
• Lower healthcare costs and provide more transparency: https://www.votervoice.net/NFIB/campaigns/108597/respond

To submit your questions or requests for future podcast topics or guests, please email podcast@nfib.org.

A new small business ownership registry went into effect on Jan. 1, 2024, but NFIB is fighting to repeal this burdensome requirement for small business owners. In Congress, Senator Tommy Tuberville and Representative Warren Davidson are sponsoring legislation that would repeal the Corporate Transparency Act and its reporting registry. In this podcast, they explain why they are pushing for this change, discussing its impact on over 30 million small businesses and the security threat caused by the registry’s database. NFIB Vice President of Government Relations Jeff Brabant explains the new reporting requirement, what it means for small business owners, and the penalties for not complying.

Take Action: If you have 20 or fewer full-time employees, urge your elected representatives to support a repeal of the small business registry requirements.

To submit your questions or requests for future podcast topics or guests, please email podcast@nfib.org.

As the 2024 elections approach, now is a good time to focus on not only the presidential election, but every election on the ballot. NFIB Senior National Political Director Sharon Sussin joins the episode to break down what it means to be the voice of small business, the importance of voting for small business candidates at every level on the ballot, and ways to start getting involved now.

Information about upcoming elections and voting resources can be found at nfib.com/elections.

Find your state specific candidates on your ballot for upcoming elections: https://www.nfib.com/advocacy/now/?vvsrc=%2fCandidates

Learn how members of Congress voted on key small business issues this session: https://www.nfib.com/advocacy/how-congress-voted/

To submit your questions or requests for future podcast topics or guests, please email podcast@nfib.org.

What does shopping small mean, and what is considered a small business? Small business owners in suburban and city environments answer these questions and more in this episode. Kim Duncan, owner of Goldenlight Visions in Manhattan, New York, and Amy Morgan, owner of LeFleur in Washington, Illinois, share how small businesses create neighborhoods, the importance of personal relationships that build customer loyalty, and the crucial customer service that small business shopping provides. NFIB State Director Jim Brown from Tennessee broke down how important small businesses are to his state and the importance of getting to know your elected officials.

Learn more about local issues impacting your community small businesses.

Take Action: Sign NFIB’s petition to make the 20% Small Business Deduction permanent. This will avoid massive tax hikes on small businesses if it expires in 2025.

To submit your questions or requests for future podcast topics or guests, please email podcast@nfib.org.

NFIB member Claudia Smith shares her small business story and the power of her voice. Claudia owns Aggieland Carpet One in College Station, Texas. She’s met with U.S. Senators and explains how the power of her message created an impact lasting well beyond those meetings. Claudia’s story shows that one person’s voice matters and helps lawmakers understand small business issues.

Links from the episode:

Resources on NFIB’s website: https://www.nfib.com/

Take action and share your story with lawmakers: https://www.nfib.com/advocacy/now/

To submit your questions or requests for future podcast topics or guests, please email podcast@nfib.org.

As tax season approaches, small business owner Warren Hudak and NFIB Executive Director of the Small Business Legal Center Beth Milito provide tips and resources to help small business owners navigate tax season. Warren shares the invaluable insights and knowledge CPAs provide, and Beth discusses avoiding audits, looming tax-related threats, and upcoming compliance issues that could create problems.

Tax-Saving Strategies for 2024: https://www.nfib.com/webinars/tax-saving-strategies-for-2024-choosing-the-right-entity-and-hiring-your-kids/?utm_source=RedirectSideElement&utm_medium=Amped&utm_campaign=Webinar04032024

NFIB Guide to Taxes: https://strgnfibcom.blob.core.windows.net/nfibcom/NFIB-Guide-to-Taxes.pdf

20% Small Business Deduction Information: Smallbusinessdeduction.com

Ask the CPA webinar: https://www.nfib.com/webinars/ask-the-cpa-you-have-tax-questions-we-have-answers/

Death tax action alert: https://www.votervoice.net/NFIB/campaigns/110950/respond

To submit your questions or requests for future podcast topics or guests, please email podcast@nfib.org.