Week in Review: Dec. 3, 2023

BUSINESS/CORPORATE

According to Secretary of State Frank LaRose, Ohio business owners showed up in October, submitting 14,448 new filings for the month -- an increase of more than 400 businesses compared to filings from October 2022. The secretary of state's office said 156,874 new businesses have been created so far in 2023. The state is 22,762 new business filings away from breaking the state record.

FEDERAL

The U.S. Internal Revenue Service (IRS) has once again delayed the implementation of the $600 Form 1099-K reporting threshold requirement for third-party payment organizations. The $600 threshold was included in the American Rescue Plan Act (ARPA). The current threshold is $20,000, and the IRS is planning to implement a $5,000 threshold in 2024 as a phase-in.

WORKFORCE

Speaking at the Ohio Chamber of Commerce's Health Care Transformation Summit Thursday, Lt. Gov. Jon Husted described how the industry can address workforce shortages and adapt to new technology. He spoke in a keynote with CVS Health Vice President for State Government Affairs Leanne Gassaway. Health care is "the biggest cost driver in state government," poses a range of societal issues and affects people of all ages in different ways, Husted told attendees. Regarding the workforce issues, he brought up overall challenges of shifting demographic trends and the decline in the labor participation rate. The state government is working to promote STEM education through innovation districts, career centers and new means of lifelong learning such as TechCred.