|
The new year is kicking off with significant impacts to businesses, so here’s what you need to know going into 2024.
Maryland Minimum Wage Increase
Minimum wage increased to $15 an hour as of January 1, which applies to employers of all sizes. This increase will impact 163,000 workers in Maryland. To learn more about Maryland's minimum wage and any exemptions, click here.
|
 Reporting Companies Must Register with Financial Crimes Enforcement Network (FinCEN)
Effective January 1, reporting companies created in 2024 will have 90 days to disclose beneficial ownership information through the Corporate Transparency Act (CTA), which helps law enforcement agencies prosecute and deter money laundering, tax fraud, and other fraudulent activities.
The U.S. Department of the Treasury’s FinCEN has extended the deadline for reporting companies created before January 1, 2024, which will have until January 1, 2025, to disclose this information. To learn more, click here.
National Labor Relations Board Updates Joint-Employer Rule
Businesses that fall under the joint-employer rule such as a franchiser and franchisee, can now both be held liable for unfair labor practices due to updates in the joint-employer rule. This only applies to labor relations and is applicable to every business that falls under the National Labor Relations Act, which impacts most private-sector businesses. Previously scheduled to go in effect on December 26, the National Labor Relations Board extended the effective date to February 26, 2024.
Reporting Digital Transactions Over $600 to IRS – Delays Again
The Internal Revenue Service delayed a requirement that payments over $600 via third-party providers such as Venmo, Zelle, and online marketplaces have to be reported. The IRS plans to have a threshold of $5,000 for the tax year 2024 as part of a phase-in approach to eventually implement the $600 reporting threshold. As of now, businesses won’t have to report that revenue for 2023.
|
On the Radar – Overtime Changes: The Department of Labor announced a proposed rule that would allow 3.6 million more workers to qualify for overtime. This could cause a huge disruption to small businesses – and is expected to face legal challenges once a final rule is out this year.
Showcase your restaurant by participating in Harford County Restaurant Week from January 19–28, 2024. For 10 days, treat your customers to special prices, featured items and two- or three-course menus so they can sample a variety of things on your menu. To learn more and to see featured menus, click here. To register your restaurant, contact Visit Harford at 410-838-7777.
Not a restaurant? Be sure to visit a restaurant on the list that you've been meaning to check out or just go to your favorite local spot. Specially designed menus are waiting for you! See the full list of participating restaurants here.
|
Tune into the State of Harford County Address
Mark your calendar for the State of the County Address at 7 p.m. on Tuesday, January 9, 2024. Hear County Executive Bob Cassilly discuss progress from his administration's first year and plans for the year ahead. Watch this year’s speech live or archived on the county website, or watch the HarfordTV cablecast on Wednesday, January 10 starting at 8 p.m. and then airing again on Thursday, January 11 starting at 2 p.m.
Join the County Executive Bob Cassilly at the From Plans to Permits event on Tuesday, January 30 at TUNE Building, 510 Thomas Run Road, Bel Air, MD 21015 from
8 a.m.–10 a.m. Learn how to move your business projects forward from project design to permitting processes. The session will highlight programs and initiatives such as Business Navigator, Fast Track 2.0, and share updates about comprehensive zoning and recent legislation that impacts architects, engineers, real estate agents, surveyors, commercial brokers and others. To attend, RSVP by January 23 to Lisa Krysiak here.
 |
|
The Baltimore Business Journal is accepting entries and nominations for three upcoming awards honoring businesses across our region: Mentor of the Year Awards, Best Places to Work, and Family-Owned Business Awards. Harford County businesses and individuals are eligible – and deadlines are approaching. To learn more about these awards, click here. |
January 2024 Luncheon
Route 40 Business Association
|
Wednesday, January 10
11 a.m. - 1 p.m.
|
|
Maryland Golf & Country Clubs, 1335 E. MacPhail Road, Bel Air, MD 21015
Network with local businesses for this special event featuring Dr. Sean Bulson, superintendent of Harford County Public Schools.
Click here for more information
|
A Celebration of Dr. Martin Luther King, Jr. in Words & Music
Havre de Grace Arts Collective
|
Friday, January 13
7 - 9 p.m.
|
|
121 N. Union Ave., Havre de Grace, MD 21078
Join us for this special family and community celebration of the memory and legacy of Dr. Martin Luther King, Jr.!
Click here for more information
|
A Roadmap to Your Professional Web Presence
Maryland Small Business Development Center
|
Monday, January 16
1 - 2:15 p.m.
|
|
Virtual
Take a journey to create a roadmap for putting your best foot forward on the web.
Click here for more information
|
January Luncheon
Mason-Dixon Business Association
|
Wednesday, January 13
11:30 a.m. - 1 p.m.
|
|
Geneva Farm Golf Course & Restaurant, 217 Davis Road, Street, MD 21132
Network with local businesses and learn more about financial wellness for your business.
Click here for more information
|
2024 State of the County Luncheon
Harford County Chamber of Commerce
|
Thursday, January 18
11 a.m. - 1 p.m.
|
Water's Edge Event Center, 4687 Millennium Drive, Belcamp, MD 21017
Hear from Harford County Executive Bob Cassilly as he recaps his first term and discusses plans for Harford County in 2024.
Click here for more information
Project Restore
Maryland Department of Housing and Community Development
|
|
Harford County-based organizations may qualify to receive funds to activate vacant buildings in the jurisdiction they serve. Expected to open in early 2024.
Click here for more information
|
American Dream Awards
Hello Alice
|
|
Open to for-profit businesses to access funding, a small business accelerator, media coverage, and other benefits. Applications due by April 30, 2024.
Click here for more information
|
BIPOC Small Business Marketing Grant
Annuity Freedom
|
|
Black-owned or minority-owned businesses can receive marketing grants to increase website traffic on a rolling basis.
Click here for more information
|
HerRise Microgrants
HerSuiteSpot
|
|
Offering microgrants to women of color entrepreneurs for specific small business needs such as computers, equipment, marketing materials, software purchase, website creation, and more.
Click here for more information
|
|
|
