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Here’s What Happened in the World of Small Business in July 2021

Here are five things that happened this past month that affect your small business.

1) The G20 backed historic corporate tax reform at the latest summit.
Another step forward for proponents of a global corporate minimum tax: At the first face-to-face G20 meeting since the start of the pandemic, “a landmark proposal to stop multinational companies from shifting profits to low-tax havens was endorsed.” (Source: Yahoo! Finance)

Why this is important for your business:
Companies with international operations would see changes to their taxation under this proposal ¬– but it’s still a long way from being adopted. Stay tuned.

2) The US recession actually lasted only two months.
While difficult times for many individuals and small businesses lasted much longer (and for some are still continuing), “the U.S. recession touched off by the coronavirus lasted only two months, ending with a low point reached in April 2020 after the start of a sharp drop in economic activity in March of that year.” (Source: Reuters)

Why this is important for your business:
While the country had “by no means gotten back to normal operating capacity at that point,” it is helpful to be aware that the recession was the shortest on record. This may feed arguments in favor of the “cash first” approach policymakers took, including the extensive financing for small businesses.

3) Restaurant workers are quitting at a record rate.
There are a variety of reasons – including the high-stress culture – but pay is high on the list. “Low wages are the most common reason people cite for leaving food service work. But in one recent survey, more than half of hospitality workers who've quit said no amount of pay would get them to return.” (Source: NPR)

Why this is important for your business:
If you operate in any sectors related to the restaurant industry, you’ve no doubt encountered businesses who are having staffing difficulties. Some may choose to raise wages, while others might wait it out to see if things revert to “normal.”

4) The economy is expected to cool off going forward.
“The U.S. economy’s 2021 growth surge likely peaked in the spring, but a strong expansion is expected to continue into next year,” said economists surveyed by The Wall Street Journal. The bounce back from the recession prompted “red-hot” growth, but that burst is expected to slow. (Source: The Wall Street Journal)

Why this is important for your business:
This isn’t a bad thing. We’re past the peak for economic growth and have moved “into the more moderate phase of expansion.” Job gains, personal savings, and fiscal support are expected to keep the economy growing solidly over the next year.

5) During the pandemic, 1 in 5 business owners were on the brink of closing forever.
A new study by OnePoll found that “One in five small business owners came frighteningly close to shuttering their business for good during the COVID-19 pandemic.” Additionally, 3 in 4 respondents said the past year was the most difficult they’ve ever faced in the life of their business. (Source: Study Finds)

Why this is important for your business:
If you’re one of these business owners, it’s helpful to know you’re not alone.

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Get to Know Prestige Accounting Services Group (previously Prestige Wealth Accounting Group)

Offices in Flemington, NJ and Califon, NJ

Our Mission: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we are on a mission to redefine the tax experience for individuals and small businesses. With a focus on personalized service, strategic planning, and expert guidance, we aim to empower our clients to succeed financially with confidence and ease.

Expertise in Action: With a wealth of experience and a team of dedicated professionals, we specialize in individual and small business tax preparation. While we excel in all areas of taxation, our passion lies in serving the unique needs of small business owners in New Jersey. We understand that small business taxation requires specialized knowledge and attention to detail, which is why we go above and beyond to ensure our clients receive the guidance and support they deserve.

Tailored Solutions for Every Client: Whether you're a high-net-worth individual seeking comprehensive tax planning or a small business owner in need of accounting and bookkeeping assistance, we have the expertise to meet your needs. Our team takes the time to understand your specific situation and develop customized solutions that align with your goals and objectives.

Why Choose Us?: What sets us apart from other New Jersey tax firms is our commitment to excellence and innovation in the field of taxation. We don't just prepare tax returns; we provide strategic insights, proactive planning, and actionable advice to help our clients achieve their financial goals. With a team of two CPAs, an EA, and an ERO, we have the expertise and resources to deliver exceptional service and results.

Your Success is Our Priority: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we measure our success by the success of our clients. We are dedicated to building long-lasting relationships, providing unparalleled service, and helping our clients thrive in today's ever-changing tax landscape.

We can't wait for you to experience the Prestige Accounting Services Group (previously Prestige Wealth Accounting Group) difference.

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