Industry News – December 1, 2022

Black Friday Sales Set Records Despite Economy Concerns 

Consumers spent a record $9.12 billion in online shopping on Black Friday this past week according to Adobe that tracks retail web sales. Mobile orders also increased to 48% up from 44% in the previous year. 

Source: CNBC.com

 

Trade Groups Warn Lawmakers About Pending National Rail Strike  

Over 400 business groups and associations called on Congressional leaders to help prevent a pending national rail strike that could occur on December 9. Four rail unions have yet to approve the earlier agreement overseen by the Biden Administration back in September with the biggest issue remaining rail employee schedules and paid sick time. 

Source: CNN.com  

 

Gig Workers and Online Sellers Set to Get 1099-K Tax Forms Next Year 

For the 2022 tax year, third-party networks will be required to send 1099-K tax forms to gig workers and online sellers who earn more than $600. The change is part of the 2021 American Rescue Plan enacted by the Biden Administration that included COVID-19 relief for businesses. 

Source: Morningstar.com 

 

Disney Parks Invites Black Entrepreneurs to Learn More About New Supply Chain Initiative 

Black entrepreneurs from across the country were invited to learn more about the internal operations at Disney Parks through the Atlanta-based Russell Innovation Center for Entrepreneurs’ (RICE) Supply Chain Accelerator Program. Disney set a goal in 2021 to spend at least $1 billion annually with diverse suppliers by a target date of 2024.  

Source: Yahoo! Finance 

 

Tips on How to Deduct Small Business Expenses 

With tax season right around the corner, entrepreneurs must understand what expenses are deductible. Here’s a list of the most common business deduction to be aware of that are allowed under current tax rules. 

Source: US News and World Report