What changes should small businesses be aware of for 2025?

abcnews.go.com:

For small businesses, the biggest change for the new year will be the arrival of a presumably more business-friendly administration in Washington

For small businesses, the biggest change in the new year will be the arrival of a presumably more business-friendly administration in Washington. But there are other shifts owners should keep on their radar.

Among them: changes to state-level overtime and minimum wage rules, the delayed federal FinCEN registration, taxes on payments from third-party providers like Venmo and PayPal, and anything that might affect inflation, including tariffs.

The Small Business Administration is also ushering in a new leader, Trump loyalist Kelly Loeffler, assuming she’s confirmed by the Senate.

“I think there a general sense that there is going to be obviously a pro-business administration on the regulatory side,” said Karen Kerrigan, President and CEO of the Small Business & Entrepreneurship Council, an advocacy group. “But there could be some nuances specifically on, say, workplace or labor rules. But that’s still to be determined.”

Here’s what small business owners should keep in mind in 2025.

Inflation remains a wild card for 2025. Inflation has retreated from its peak of 7.2% in June 2022, according to the Fed’s preferred gauge, standing at 2.3% in October. Moves by the Federal Reserve and the incoming Trump administration are likely to swing inflation one way or another.

On Wednesday, the Federal Reserve raised its projection for the inflation rate for 2025 to 2.5% from a prior estimate of 2.1% issued in September. The Fed also forecast just two rate cuts for the year, down from four. Sticky inflation and high rates could mean higher costs for both consumers and businesses.

Meanwhile,