In the News: Grants of Up To $25,000 Available For Small Businesses

Securing a grant is an opportunity to channel these funds into dynamic growth for your business. Consider allocating resources to technology that simplifies and automates your operations, allowing more room for innovative ideas. Bringing in skilled professionals can enhance your team’s capabilities and drive your brand’s advancement. Now’s the time to initiate the marketing strategy you’ve envisioned, expanding your customer base and fueling revenue growth. It’s important to spend wisely – monitor your expenditures closely, regularly report progress, and demonstrate the positive effect of the grant.

There’s still time for some small businesses to apply for grants before the end of the year. But this season is also a popular time for businesses to receive funds from local banks and organizations. So make sure to see what is available in your area as well as nationally, and apply as soon as possible to capitalize on these opportunities.

Small Business News December 29, 2023

The weekly roundup starts with the IRS reminding small business owners about the Jan. 16 deadline for the final estimated 2023 quarterly tax payments. It continues with more news from the IRS that includes penalty relief to around 4.7 million tax payers, guidance on commercial clean vehicle credit for 2024, and a new program for questionable employee retention credits. For that and more keep reading the rest of the roundup.

IRS Highlights Jan. 16 Deadline for Final 2023 Quarterly Estimated Tax Payments

The Internal Revenue Service (IRS) has reminded taxpayers, particularly those who didn’t pay enough tax throughout 2023, to make their fourth quarter tax payment by January 16. This step is crucial to avoid potential penalties or tax bills when filing in 2024. This reminder is especially pertinent for small business owners, self-employed individuals, and independent contractors.

IRS Offers Penalty Relief to Millions Amid Resumption of Collection Notices

The Internal Revenue Service (IRS) has announced a significant move to provide penalty relief to approximately 4.7 million taxpayers, which includes individuals, businesses, and tax-exempt organizations. This decision, impacting nearly $1 billion in penalties, marks a crucial phase in the IRS’s efforts to assist those affected by the pandemic’s financial repercussions.

IRS Releases Guidance on Commercial Clean Vehicle Credit for 2024

The Treasury Department and the Internal Revenue Service (IRS) have issued pivotal guidance, Notice 2024-05, outlining the parameters for the commercial clean vehicle credit applicable to vehicles placed in service in 2024. This guidance is especially critical for small businesses considering investment in clean vehicles as part of their operations.

IRS Announces New Program for Questionable Employee Retention Credits

The Internal Revenue Service (IRS) has launched an initiative for small business owners who have mistakenly claimed Employee Retention Credits (ERC). The new Voluntary Disclosure Program offers an opportunity for businesses to correct their claims and repay the credits at a discounted rate.

Apple Unveils Spatial Video Capture for iPhone 15 Pro

Apple has once again pushed the boundaries of smartphone technology with the introduction of spatial video capture on the iPhone 15 Pro and iPhone 15 Pro Max, a feature available with iOS 17.2. This new capability is set to enhance how users capture and relive life’s moments, with compatibility with the upcoming Apple Vision Pro.

Venmo Unveils ‘Venmo Groups’ for Managing Group Expenses

Venmo has launched ‘Venmo Groups’, a novel feature designed to streamline the process of splitting and managing expenses within groups. This feature is set to revolutionize how friends, families, roommates, and various groups handle shared financial responsibilities.

Pantone Unveils PANTONE 13-1023 Peach Fuzz as the Color of the Year 2024

Pantone has marked a milestone in its Color of the Year program by announcing PANTONE 13-1023 Peach Fuzz as the chosen color for 2024. This year’s selection coincides with the 25th anniversary of the program, which began in 1999 with PANTONE 15-4020 Cerulean Blue. The announcement was made in Carlstadt, New Jersey, on December 7, 2023.

Why You Need a Business Contingency Plan Now

For leisure, I read apocalyptic fiction books. I am not sure why but maybe it’s the “prepper” in me. The current series I am reading says “No plan survives contact with the enemy.” This historically comes from the German field marshal, known as Moltke the Elder, who believed in developing a series of options for battle instead of a single plan was critical.

Image: Envato Elements

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Joshua Sophy Joshua Sophy is the Editor for Small Business Trends and has been a member of the team for 16 years. A professional journalist with 20 years of experience in traditional media and online media, he attended Waynesburg University and is a member of the Society of Professional Journalists. He has held roles of reporter, editor and publisher, having founded his own local newspaper, the Pottsville Free Press.