SMALL BUSINESSES WILL HAVE TO KEEP AN EYE OUT FOR COMPLIANCE ISSUES IN 2018.
Small businesses have always been greatly affected by issues such as wages, taxation and compliance. In 2018 there is a new administration which makes it especially important to stay on top of any new regulations and laws that may change.
With the previous administration small businesses could expect to deal with a lot of regulation. The Trump administration sees less regulation as a key to increasing business and aims to reduce regulation. All that is at the federal level, but the state may be a different story. For many small businesses, state and local regulations may be increasing.
Minimum wage increases and paid sick leave are leading the way for increased regulations at the state and local level. This only goes to highlight how important it has become to stay on top of these issues. Small business owners are advised to pay close attention to local, state and federal regulatory news and websites.
Overtime regulations may be changing as the Department of Labor may revisit the Fair Labor Standards Act which the Obama administration had changed to allow more than double the salary threshold for overtime eligibility and was subsequently invalidated by a federal judge in Texas. Secretary of Labor Alexander Acosta has suggested the he was open to increasing the salary threshold for exempt employees.
Paid sick leave policies are another area that states, and cities are making changes to. These rules are often complicated and for some businesses, it’s not clear how existing paid leave benefits apply to sick leave regulations.
The Affordable Care Act was one law that some businesses were anticipating would change but so far hasn’t. Healthcare regulations are remaining the same for the time being. The White House continues trying to repeal the ACA but to date, nothing official has occurred.
With so many possible changes to laws and regulations on the horizon, it pays to keep ahead of the curve by seeking out the most current information.
By UNIKO Media Group