As a small business owner, you have to follow many regulations and ensure full compliance to avoid costly penalties along the way. Here are eight regulation changes that will impact your small business this year:
Tax extenders. With so many changes in the health care reform law, it has never been more important to be in the know. In late December, Congress lengthened about 50 tax breaks through the end of the year that could be particularly helpful for small business owners. There’s also a movement building in the Senate allowing the government to regulate tax preparers.
Health care law. Companies with over 50 employees are now required to offer insurance. Steve Chabot, the chairman of the House Small Business Committee plans to hold hearings to discuss the Affordable Care Act and its implications. The House recently passed a bill raising the requirement for employee coverage from 30 hours per week to 40 hours per week thereby reducing the number of workers who need to be covered.
Moreover, business owners must be prepared to meet new IRS mandates to file annual information returns with the IRS as well as providing statements to their full-time employees about the health coverage offers in 2015.
Online sales tax. A bill regarding taxation of online sales has passed, also known as the Marketplace Fairness Act. This would have allowed states to collect sales tax on purchases made by its state residents no matter where the seller is located. Business owners might be hearing more from this bill in the upcoming months.
Overtime regulations. Employers should also anticipate the need to track and pay overtime rates where applicable.
Data breach legislation. On the previous years, we’ve witnessed many high profile data breaches and there is a good chance that Congress will try to pass cybersecurity legislation.
Retirement changes. If you are currently offering a retirement plan to your employees or are planning to offer one, be prepared for a variety of changes this year, specifically the workplace savings program.
New employment-related legislation. Expect more discussions about minimum wage increases. Hiring procedures and employment applications will be needing revision for the “Ban-the-box” law that prohibits pre-employment inquiries into an applicant’s criminal background.
Mobile payments. Small businesses should also consider accepting secured mobile payment applications, such as Apple Pay, to attract tech-savvy customers. We will also be hearing more about payroll cards this year.
Keep track of the regulatory issues that will help your business stay ahead in 2015 and beyond. To learn more about the regulations with which your business must comply, check out these helpful resources: