Nearly one-in-five small business owners are preparing to permanently close under the pressure of pandemic-related debts, lagging revenue, and mounting costs, according to a poll from the Canadian Federation of Independent Business (CFIB). In a recent survey of its members, the CFIB found that 54 percent of small businesses are still reporting below-normal revenues and 62…
Nearly One-in-Five Canadian Small Businesses on the Verge of Bankruptcy: CFIB Survey
IRS Commissioner Says Agency Is ‘Absolutely Not’ Increasing Audit Scrutiny on Small Businesses, Middle-Income Americans
August 10, 2022
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The IRS has said it will “absolutely not” be increasing audit scrutiny on small businesses or middle-income Americans amid concerns over Democrats’ Inflation Reduction Act, which provides nearly $80 billion in IRS funding, including $45.6 billion for “enforcement.” IRS Commissioner Charles Rettig made the comments in a letter to members of the Senate on Aug. 4 (pdf) in…
The Right Hats: Meet the New York City Milliner Still Custom-Making Exquisite, Couture Hats
Suzanne Newman, owner of Suzanne’s Couture Millinery in New York City, firmly believes that “it is rare that someone does not look good in a hat.” If someone doesn’t look good, it is simply because “they haven’t found the right hat.” In her lovely store on 61st Street, the 75-year-old milliner custom-makes the right hats:…
Sen. Rand Paul Warns Against Democrats’ Plan to Raise Taxes Amid Inflation
The economic crisis facing the nation is disproportionately hurting small businesses. Mom and pop shops are struggling to stay afloat in the face of historic levels of inflation. Against this backdrop, Democrats have proposed raising taxes on pass-through entities—small businesses, including sole proprietorships, partnerships, limited liability companies, and S corporations. To Sen. Rand Paul (R-Ky.)…
Small Businesses Fighting to Stay Afloat Amid High Inflation
Inflation has reached levels not seen in 40 years, placing a strain on household budgets as well as small businesses across the country. According to a new poll of more than 500 small businesses, six out of ten company owners in the United States fear that inflation will force them out of business. The survey…
‘Do More With Less’: How Businesses Are Responding to High Inflation
The impact inflation is having on consumers’ wallets has been well documented, with estimates suggesting the average U.S. household will spend an additional $5,200 this year compared to 2021. But how is this environment of soaring prices affecting businesses—large and small? Shoppers stopped to take a breath in February as consumer spending rose in February…
Will the Drove of Changes at Instagram Help or Harm Small Businesses?
On March 23, 2022, Instagram announced two new features, known as “Favorites” and “Following,” to its photo and video sharing platform. The Favorites tool allows users to choose their top 50 accounts to follow, which are then given a star and listed higher up in chronological order on their home feed. No notifications are sent…
The Feudal Symbolism of Restaurant Closures
Commentary The restaurant has not always been with us. It was a product of the birth of the modern. It allowed talent and creativity to leave the confines of the castles and large estates that could afford them, and democratized access to cuisine for the multitudes. The restaurant allowed the highest and most fabulous delights…
Small Businesses Raise Prices to Keep Up With Inflation
A net of 61 percent of small businesses raised their prices at the start of 2022, according to the National Federation of Independent Business. The percentage is the highest it’s been since 1974. The increase coincides with a 7.5 percent rate of inflation reported in January 2022 by the Bureau of Labor Statistics. The overall…
Reparations for the Business Victims of Lockdowns
Commentary With pandemic controls gradually ending, many people have called for some kind of justice to be realized: investigations on the origin and implementation of lockdowns and mandates, punishment for the perpetrators, and compensation for the victims. How wonderful it would be! And yet I tend to agree with Clarence Darrow who wrote that the state has…
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