In Case You Missed It: February Small Business News
Feb 2022 News
Tax deadlines, e-commerce resources, and new grants.
Here’s a roundup of some pertinent news from this month that could help your small business.
The top three items have been pulled from The US Chamber blog, a great resource to stay up-to-date on small business news.
Need extra help with your business taxes? The IRS is now offering Saturday walk-in assistance
To assist taxpayers with meeting tax deadlines and address the backlog of incomplete tax returns, the IRS is now offering face-to-face Saturday walk-in hours at 35 Taxpayer Assistance Centers throughout the country. Walk-ins will be accepted at each participating location from 9 a.m. to 4 p.m. local time on the second Saturday of each month, February through May 2022. To receive assistance via a walk-in session, bring a government-issued photo ID, Social Security card or taxpayer identification number, and any IRS notices and/or tax documents you may have received.
Expecting a tax refund? Ditch the paper returns for timely processing
With the 2022 tax season underway, the IRS warned taxpayers that the refund process might be “particularly challenging” this year due to the increase in COVID-19 infections and insufficient funding authorization from Congress. The IRS recommends taxpayers avoid paper tax returns this year and opt for e-filing and direct deposit to ensure they receive their refund within the typical 21-day timeline. While the last two pandemic tax seasons allowed all taxpayers to file later returns (July 15 in 2020 and May 17 in 2021), this year’s official Tax Day is April 18 — only three days later than the usual April 15 deadline. To get a filing extension this year, small business owners must request one by April 18 for a new deadline of October 17.
Futurists reveal 5 key trends poised to drive business in 2022
Consumer attitudes and expectations are shifting — changing the playbook for how companies must prepare to drive business this year. To keep in step with the future of the culture of commerce, marketers would be wise to embrace the metaverse; adjust to the demands of Gen Z, which boasts an estimated $150 billion in spending power; and reflect the growing role of self-care and localism in consumer experiences, three noted futurists told CO—. Read more on the trends forecasters say are critical to growing business this year here.
American Express and Main Street America Offer Grants for Personal Service Businesses
American Express has partnered with Main Street America on a $1.65M year-round program called Inclusive Backing. Part of American Express’ Backing Small initiative, the program will provide hundreds of underrepresented small businesses with financial support as well as other resources to address their critical needs and challenges.
More than 250 grants of $5,000 each will be awarded in four cycles over 12 months. Applications for the second grant cycle are now open. The second cycle will provide grants to personal service-based businesses, including but not limited to drycleaners, tailors, beauty salons, spas, cobblers, barbers, and nail salons. Membership in the National Main Street Center is not required to be eligible for the Program. Find additional eligibility requirements and other details on the second grant here.