Prism Group's Daily Summary
IRS SETS 1099-K REPORTING THRESHOLD FOR 2024... In what the agency is dubbing “transition relief,” the IRS just announced that the threshold for third-party transaction apps and services – like Venmo and PayPal – to issue a Form 1099-K to users will be $5,000 for the 2024 calendar year. While a 2021 law reduced the threshold from $20,000 to $600, the IRS has repeatedly delayed implementation of the requirement. The far lower figure had sparked backlash from small businesses, online sellers, and others who claimed the IRS was targeting lower-income individuals and entities.
BIDEN-HARRIS ADMINISTRATION TAKES ACTION TO SUPPORT SMALL BUSINESS... On this past Friday, the White House announced new actions by the Small Business Administration and the office of Management and Budget to increase access to federal lending and contracting opportunities for small businesses. The SBA is making it easier for underserved small businesses to access capital from mission-oriented lenders by increasing the cap on their SBA7(a) loans from $350,000 to $500,000. OMB is introducing guidance on both upcoming contracts and subcontracting opportunities for small businesses to better enable federal agencies to support small businesses to compete for over $750 billion in federal contracts.
$6 BILLION WORKFORCE LEGISLATION IN THE LAME DUCK... Republicans and Democrats on the House Education & Workforce (E&W) and Senate HELP Committees jointly released A Stronger Workforce for America Act (ASWAA), which reauthorizes the Workforce Innovation & Opportunity Act (WIOA). The legislation proposes new programs that subsidize employer led training programs, defends against automation and tech related layoffs, and streamlines the public workforce system. The legislation is a priority for House E&W Chair Virginia Foxx (R-NC) and Senate HELP Chair Bernie Sanders (I-VT) as it is unexpected to be considered in the next Congress. ASWAA is expected to easily pass in the House, but will likely face a unanimous consent vote in the Senate, meaning any Senator could effectively block the bill.
THE STATE OF THE STATES
SESSIONS BY THE NUMBERS:
Six states are in regular session. Louisiana is in special session.
WHAT WE'RE WATCHING:
During National Apprenticeship Week, Idaho Business for Education celebrated its fifth year of connecting young people with Federally Registered Apprenticeships in healthcare, education, and technology. With over 500 participants since 2020, the program has earned national recognition for workforce innovation and partnerships with schools, tribes, and major employers statewide.
Kentucky’s Workforce Attraction and Retention Task Force has issued recommendations to mitigate labor shortages. These include expanding technical education for students, reducing licensing barriers, and eliminating income tax for military retirees.
LAWMAKERS... IN OR OUT?
The House... convenes today at 12:00 PM ET. The full schedule may be found here.
The Senate... convenes today at 12:00 PM ET. The full schedule may be found here.
HAPPENING ON THE HILL
The House...
The Committee on Financial Services will hold a hearing on Wednesday, 12/04 at 10:00 AM entitled “Innovation Revolution: How Technology is Shaping the Future of Finance."
The Senate...
Committee on Health, Education, Labor and Pensions will hold a hearing on Thursday, 12/05 at 10:00 AM entitled “What Is the FDA Doing to Reduce the Diabetes and Obesity Epidemics in America and Take on the Greed of the Food and Beverage Industry?”
Committee on Finance will hold a hearing on Thursday, 12/05 at 10:00 AM entitled “Open Executive Session to Consider Favorably Reporting the Hearing the Nomination of David Samuel Johnson, of Virginia, to be Inspector General for Tax Administration, Department of the Treasury."
Committee on Judiciary will hold a hearing on Thursday, 12/05 at 10:00 AM entitled “Executive Business Meeting."
BILLS OF INTEREST
Check back tomorrow for possible updates.
AT THE AGENCIES
The U.S. Department of Labor
The U.S. Department of Labor announced that its Occupational Safety and Health Administration has extended the public comment period for its proposed rule to protect workers from extreme heat exposure in indoor and outdoor workplaces to remain open until Jan. 14, 2025.
The U.S. Department of the Treasury
Check back tomorrow for possible updates.
The U.S. Department of Commerce
Check back tomorrow for possible updates.
The U.S. Trade Representative
Check back tomorrow for possible updates.
The U.S. Small Business Administration
SBA Administrator Guzman herald's SBA’s Second-Annual Season of small business
campaign builds on small business Saturday momentum, encouraging shopping at small business all holiday season long.
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