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Changes that will impact small businesses in the new year and an economic outlook for 2024 are among topics of this week’s free webinar presented by the Small Business Development Center at CSU Bakersfield.
Host and SBDC director, Kelly Bearden begins the webinar with a look at changes in the new year that will impact businesses, the IRS Employee Retention Credit Amnesty Program details, and the Corporate Transparency Act with the newly issued final access rule.
Economist Mark Evans, emeritus professor from CSUB provides an economic outlook for 2024 and a microeconomic recap of 2023, including forecast surprises.
This marks the 304th episode of the weekly “Webinar Wednesday” business series that provides news and information helpful to employers and business owners.
The CSU Bakersfield SBDC provides free one-on-one consulting to help small business owners. New and existing businesses can sign up for assistance by clicking here!
TIMESTAMPS - The two bold blue links below are direct links to the Corporate Transparency Act, and Dr. Evans' 2024 Economic Outlook presentation
00:00 Intro 00:45
What’s up today January 10, 2024
05:55 Poll Question #1: “What are your goals for 2024?”
07:19 Poll Question #2: “What is your economic prediction for 2024 and how will it affect your business?”
10:46 Status of key local programs
14:04 Recap of Employee Retention Credit or ERC
16:58 The ERC Problem
17:54 ERC Amnesty Repayment
20:05 How the IRS became alarmed about the ERC
21:49 How to qualify for ERC amnesty
26:29 Kelly pulls up website related to the Corporate Transparency Act – Beneficial Ownership Information – BOI https://www.fincen.gov/boi
28:34 Community Calendar: Indian Wells Valley Economic Outlook Conference Feb. 2, 2024
30:04 12-week Home Daycare Business Start-Up with Nurture- $1,000 start-up grants
30:39 FREE Human Resources Hotline for Employers
31:01 Kelly introduces Dr. Mark Evans, emeritus professor from CSUB
31:59 Going into 2023 …Increasing Inflation – Federal Funds Rate Increases
33:03 Fed’s 2023 Game Plan
35:04 Federal Funds Rate Increases, 2023
35:22 2023 Forecasts (FRB of Philadelphia Survey of Professional Forecasters) & Actuals
38:31 Real wages and wealth fueled consumer spending (+2.5%)
40:52 Nonresidential investment offsets interest-sensitive spending
41:43 Forecast “Surprises”
43:24 Macroeconomic Policy Debrief
45:22 Going into 2024 … PCE Core Price Index (Fed’s Favorite Measure)
46:39 2023 Actuals & 2024 Forecasts (FRB of Philadelphia Survey of Professional Forecasters)
48:26 Downside Risks
49:31 Kelly rejoins Dr. Evans for discussion
52:24 Questions and Answers with Attendees
