Accounting
Small businesses saw modest growth in jobs and pay in November
Small business jobs growth remained steady in November, while workers’ wages grew only slightly, payroll provider Paychex reported Tuesday.
The
“The states that were impacted by the hurricanes took a pretty big dip right after that happened,” said Frank Fiorille, vice president of risk, compliance and data analytics at Paychex. “But that’s usually the case that we’ve seen for many of these sorts of events that it bounces right back quickly.”
Texas gained 1.22 percentage points as its jobs index climbed to 101.60, which led states for job growth in November. Dallas (101.07) and Houston (100.94) ranked first and second, respectively, among top U.S. metros for job growth in November.
The Midwest (100.62) remained the top region for small business employment growth for the sixth consecutive month.
Hourly earnings growth in Tennessee (3.98%) ranked first among states in November, marking the first time Tennessee has ranked first since reporting began more than 10 years ago.
Probably due to workforce composition changes due to recent hurricanes, Tampa (4.84%) jumped to No. 1 among the top U.S. metropolitan areas for hourly earnings growth in November.
“If you look at the sectors, the leisure and hospitality sector is the softest,” said Fiorille. “The construction and professional business discipline was up the most this past month. Wages are still under that 3% number. We haven’t seen much of a jump on that.”
Paychex has also been tracking numbers for workers who switched jobs or stayed at their jobs. It saw a large jump in pay for those who switched jobs early in the pandemic, but the differences in pay compared to those who remained at their jobs have narrowed in recent years.
“Especially during COVID, when the labor market was really tight, it was a pretty big gap,” said Fiorille. “People who switched jobs were seeing a pretty big increase in wages. We’re seeing that really compressed to where now there’s almost not much of a gap at all, which validates that the labor market, while still being strong, has definitely cooled a little bit from the last few years.”
He thinks accountants should keep their small business clients informed about the possible tax changes that may occur next year when the Trump administration takes office in Washington. Other important topics include artificial intelligence, privacy and beneficial ownership information reporting.
Small businesses should also be aware that the Biden administration’s expanded overtime rule was
Under the
The Department of Labor is
“It does really impact a lot of businesses,” said Fiorille. “We’ll see what happens.”
Total postsecondary spring enrollment grew 3.2% year-over-year, according to a report.
The National Student Clearinghouse Research Center published the latest edition of its
The report found that undergraduate enrollment grew 3.5% and reached 15.3 million students, but remains below pre-pandemic levels (378,000 less students). Graduate enrollment also increased to 7.2%, higher than in 2020 (209,000 more students).
(Read more:
Community colleges saw the largest growth in enrollment (5.4%), and enrollment increased for all undergraduate credential types. Bachelor’s and associate programs grew 2.1% and 6.3%, respectively, but remain below pre-pandemic levels.
Most ethnoracial groups saw increases in enrollment this spring, with Black and multiracial undergraduate students seeing the largest growth (10.3% and 8.5%, respectively). The number of undergraduate students in their twenties also increased. Enrollment of students between the ages of 21 and 24 grew 3.2%, and enrollment for students between 25 and 29 grew 5.9%.
For the third consecutive year, high vocational public two-years had substantial growth in enrollment, increasing 11.7% from 2023 to 2024. Enrollment at these trade-focused institutions have increased nearly 20% since pre-pandemic levels.
Jordan Vonderhaar/Photographer: Jordan Vonderhaar/
The Internal Revenue Service has released
The Inflation Reduction Act of 2022 amended Sec. 55 to impose the CAMT based on the “adjusted financial statement income” of an “applicable corporation” for taxable years beginning in 2023.
Among other details, proposed regs provide that “applicable corporation” means any corporation (other than an S corp, a regulated investment company or a REIT) that meets either of two average annual AFSI tests depending on financial statement net operating losses for three taxable years and whether the corporation is a member of a foreign-parented multinational group.
Prior to the publication of any final regulations relating to the CAMT, the Treasury and the IRS will issue a notice of proposed rulemaking. Notice 2025-27 will be in IRB: 2025-26, dated June 23.
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Total college enrollment rose 3.2%
New 2023 K-1 instructions stir the CAMT pot for partnerships and corporations
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