ROCHESTER, N.Y., Jan. 8, 2018 /PRNewswire/ — Paychex, Inc., a arch provider of payroll, animal resource, insurance, and allowances outsourcing solutions for small- to mid-sized businesses, today articular the top 10 authoritative issues that baby business owners should be acquainted of in 2018. The annual outlines the accepted regulations business owners charge chase and the advancing changes that should be advised as they plan for the year ahead.
Tax reform, accompaniment acknowledgment to tax reform, and the Affordable Care Act are amid the top authoritative issues accepted to appulse baby businesses in 2018.
“With so abounding authoritative changes and aldermanic reforms either proposed or slated to booty aftereffect in the advancing months, it can be arduous for active baby business owners to accumulate up with breadth things stand,” said Martin Mucci, admiral and CEO of Paychex. “Our arbitrary of the year’s best important authoritative developments is advised to admonition baby business owners accept how new regulations will affect their businesses in 2018.”
Here are the top 10 authoritative issues Paychex has articular for 2018:
#1 Tax Reform. In the aftermost few weeks of 2017, the GOP anesthetized the aboriginal aloft tax check in decades. Legislation hurtled bound through Congress, acceptation businesses charge to rapidly appraise what this legislation agency for them as abounding of the accoutrement go into aftereffect in 2018. The accumulated tax bulk will be automated to a collapsed 21 percent. For individuals, in general, ante were cut; some deductions, including claimed exemptions and the answer for accompaniment and bounded assets tax, were removed; and the accepted answer was about angled to abate the aftereffect of adorning the base. Administering will charge to apparatus denial changes already the Internal Acquirement Account (IRS) releases adapted tables. The IRS has adumbrated that the admonition in the denial tables will be advised to assignment with the accepted W-4 for 2018. The changes to the alone tax cipher will expire in 2026 after added Congressional action. Additionally, pass-through entities, which annual for best businesses in the U.S., about advance the alone tax cipher and are accordingly anon impacted by these changes to the code. To added abate the tax accountability for these entities, Congress added a answer of business assets for pass-through entities of up to 20 percent, but there are circuitous requirements and guardrails for the appliance of this deduction. Businesses should break acquainted as the impacts of this activity evolve.
#2 Accompaniment Acknowledgment to Federal Tax Reform. Accompaniment demanding authorities will face abounding challenges this year as they position themselves to handle changes brought on by federal tax reform. Abounding states accommodate to federal tax standards, and, as a result, will charge to move bound to get their systems and regulations in acquiescence with the new federal tax ameliorate law back it takes effect. Abounding states are additionally scrambling to appear up with accompaniment laws to abate the aftereffect of federal tax changes on accompaniment taxpayers, decidedly about to tax and acquirement impacts. In general, the aggregate of the states accommodate to the Internal Acquirement Cipher (IRC) to some admeasurement – some states anon conform, others accommodate with carve-outs, and some accommodate to the cipher on a specific date. Based on the new tax law, date-specific acquiescence would crave aldermanic changes if the states accept to accommodate to the code. Forth the aforementioned lines, anniversary administering will charge to appraise the appulse of decoupling or afterward the IRC on their budgets and their constituents, which may advance to denial changes that could be implemented retroactively in some cases. Other after-effects from the federal tax check may crave accompaniment legislatures to appraise how they abutment their healthcare markets. States will be active at the alpha of the year assessing how to best blot the changes acquired by the federal check and implementing those changes aural a abridged timetable.
#3 The Affordable Care Act (ACA). The tax ameliorate check additionally addressed an abhorred basic of the ACA. Beneath the ACA, individuals charge authenticate they accept able bloom allowance advantage or authorize for an absolution on their tax returns, or face a amends from the IRS. The tax ameliorate bill negates the ACA’s alone authorization amends by abbreviation it to $0 by 2019. Although the tax bill does not aition the provision, adverse the amends bulk about has that effect. However, it should be acclaimed that this does not change the filing claim for the alone mandate. Beneath the alone mandate, the IRS requires self-insured administering and insurers to abode individuals covered by their plan or face penalties. Additionally, added accoutrement in the ACA, including the employer aggregate albatross provision, abide unchanged. Administering should do their due activity advancing for accepted year ACA filing obligations and acquisition 2018 tax year abstracts for aing year’s filing.
#4 Paid Leave Laws. Over 40 altered states and bounded jurisdictions accept anesthetized paid ailing leave laws applicative to clandestine employers. And while there are far beneath paid ancestors leave laws on the books, 2018 will accompany the nation’s best absolute paid ancestors leave to New York State. All the paid leave laws, anesthetized or proposed, alter in their complexity, but the ancestors leave laws are the best onerous. Accoutrement accompanying to employer coverage, agent eligibility, employee/employer apprehension requirements, recordkeeping, and penalties are begin in all paid leave laws. Agent bulk deductions and employer taxes are additionally accustomed in paid ancestors leave laws. There is additionally generally the charge to alike these laws and their accoutrement with added applicative leave laws such as the federal Ancestors and Medical Leave Act. Additionally on the horizon, a contempo angle in Congress, the Workflex in the 21st Century Act. This legislation, if passed, could pre-empt abounding of the paid leave laws at accompaniment and bounded levels, breadth administering accept to voluntarily activity paid leave and adjustable assignment schedules as assigned in the aldermanic proposal.
#5 Agent Verification. Anatomy I-9, the Application Accommodation Verification Form, which is acclimated to accommodated the federal claim to verify an employee’s analyze and accommodation to assignment in the U.S., was revised in 2017. The changes to the anatomy and acknowledging admonition were accessory compared to antecedent revisions, but administering will still charge to ensure use of the actual anatomy and commitment of the abstracted apprenticeship pages to all new advisers on their aboriginal day of employment. While affidavit audits and worksite inspections seemed to akin off in 2017, Clearing and Customs Administration has warned that it will quadruple the cardinal of worksite inspections in the advancing year, constant with Admiral Trump’s pre-election belvedere and post-election agenda apropos clearing reform. Additionally, if passed, the Acknowledged Workforce Act alien in 2017 could eventually appearance out the Anatomy I-9 in its accepted form. Beneath the proposed legislation, binding use of the E-verify arrangement would be phased in for all clandestine employers.
#6 Overtime Regulations. A analysis of 2017 includes abiding developments accompanying to the Final Overtime Aphorism appear by the Department of Labor beneath the antecedent administration, the latest of which was the aishment of the aphorism in a Federal District Court. Activity accompanying to federal overtime regulations will abide in 2018. Over the summer, the Allowance and Hour Division of the U.S. Department of Labor appear a Request for Admonition soliciting accessible comments on the absolute overtime regulations that ascertain and circumscribe exemptions from the federal Fair Labor Standards Act’s minimum allowance and overtime requirements for assertive white-collar employees. This alternative footfall in the academic rulemaking activity is accepted to be followed by a apprehension of proposed rulemaking after in 2018 and again a final aphorism alteration the overtime regulations. While administering are reminded to abide their acquiescence with the absolute federal overtime regulations, as able-bodied as applicative accompaniment requirements that may absorb bacon levels that beat the federal level, new federal overtime regulations could be adopted and in abode by aboriginal 2019.
#7 Pay Equity. Originally scheduled to booty aftereffect in 2018, the arguable revisions fabricated to the EEO-1 Form, which would accept appropriate covered administering to abide accomplishment and hours formed abstracts on the form, were backward by the Office of Administration and Budget during the summer of 2017. Administering should note, however, that the changes fabricated to the acquiescence date of the EEO-1 (March 31, 2018) and the “workforce snapshot period” (4th agenda division of 2017) are in aftereffect for 2018 submissions. It charcoal to be apparent if the EEOC, with its anew appointed members, will accept to revisit the accumulating of employer allowance abstracts as they move advanced with their Strategic Administration Plan for Fiscal Years 2017-2021, which includes a focus on gender-based pay bigotry enforcement. Pay bigotry based on gender additionally continues to be an breadth of abundant affair for states attractive to added aggressively abode accustomed and accurate gender pay gaps and to ensure pay disinterestedness in the workplace. States, and alike some bounded jurisdictions, will acceptable abide to advance through aldermanic proposals in 2018 to ban or absolute the accumulating and use of bacon and allowances history admonition in the hiring process.
#8 Privacy. With the ever-growing cybersecurity threats inherent in a globally affiliated agenda society, today’s small- to medium-sized business owners charge fortify their admonition aegis programs. Businesses that abort to abundantly assure acute admonition with aegis and aloofness safeguards face regulatory, reputational, and activity risks, as able-bodied as crushing remediation expenditures. States’ attorneys accepted and federal authoritative agencies, such as the Federal Trade Commission and the Consumer Banking Protection Board, readily use their acknowledged ascendancy to investigate and accompany administration accomplishments adjoin businesses for abstracts aegis failures that advance to abstracts breaches. Recent absolute cybersecurity rules allowable by accompaniment agencies in New York and Colorado may alert added states to adapt and accomplish abstracts aegis standards adjoin businesses in the banking casework and allowance industries. Additionally, with the added acceptance of biometric technology in the clandestine sector, aloofness laws acclimation the accumulating and use of biometric data, such as those in Illinois, Texas, and Washington, may become civic industry standards.
#9 Accompaniment and Municipality Retirement Plans. The actuality that a ample allotment of clandestine area workers are not extenuative abundant for retirement, accumulated with the forecasted shortcomings of the Social Aegis program, accept acquired abounding states to accede accomplishing of state-run retirement accumulation plans. At present, nine states accept allowable laws that acquiesce the development of these programs. Anniversary state’s affairs is structured as a Roth IRA, a assorted employer plan (MEP), or a exchange whereby users can allegory boutique for plans. Employer requirements alter by state, with some acute employer accord based on employer admeasurement and others befitting employer accord voluntary. Auto-enrollment of advisers is additionally a state-specific provision. The Accompaniment of Oregon’s OregonSaves affairs is extreme forth with implementation, including allotment deadlines that started in November 2017 for the better employers. Illinois, Connecticut, California, Maryland, Vermont, and Washington ahead rollout in 2018 or 2019, and New Jersey and Massachusetts accept yet to specify rollout dates. Another 22 states and municipalities accept alien legislation acknowledging the conception of state-run programs. Businesses not currently alms their advisers a retirement plan will charge to watch alone accompaniment developments closely.
#10. Acquittal Evolution. In September of 2017, the additional appearance of Aforementioned Day ACH, allowing debits up to $25,000, became a acquittal option, giving banknote breeze administration a boost. Faster acquittal options will abide to aggrandize and become easier for baby businesses to advantage in 2018. In March of 2018, banking institutions will be appropriate to accommodated a austere 5 p.m. bounded borderline for Aforementioned Day ACH funds availability. As faster acquittal capabilities will be acute for the gig abridgement (temporary, adjustable jobs performed by freelancers), a real-time acquittal solutions are additionally accepted to be accessible in 2018. In addition, appeal for faster and added acceptable options for advantageous out tips to advisers is accepted to abound in 2018. Baby businesses should assignment carefully with their banking institution, acquittal processor, and vendors to analyze opportunities as the availability of faster payments develops.
For a slideshow of 2018’s top 10 authoritative issues for baby business owners, appointment payx.me/regulatoryissues2018.
Stay a with the latest authoritative developments impacting baby businesses at www.paychex.com/worx.
Note: The admonition independent aural is not tax or acknowledged advice. These issues are circuitous and account depends on alone circumstances. Businesses should argue tax or acknowledged admonition afore demography activity on any of the items articular above.
About PaychexPaychex, Inc. (PAYX) is a arch provider of chip animal basic administration solutions for payroll, HR, retirement, and allowance services. By accumulation its avant-garde software-as-a-service technology and advancement belvedere with dedicated, claimed service, Paychex empowers small- and medium-sized business owners to focus on the advance and administration of their business. Backed by 45 years of industry expertise, Paychex serves about 605,000 bulk audience as of May 31, 2017 beyond added than 100 locations and pays one out of every 12 American clandestine area employees. Learn added about Paychex by visiting www.paychex.com, and break affiliated on Cheep and LinkedIn.
Lisa FlemingPaychex, Inc. [email protected] @PaychexNews
Tess FlynnEric Mower [email protected]
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