Regulatory compliance is paramount for businesses of all sizes. Since tax rules and other standards change frequently, staying on top of regulations is not a small undertaking. Fortunately, regulatory experts and tax advisors are prepared to guide you through the complex issues facing your business.
Oversight comes in many forms, sometimes addressing industry-specific concerns. Other regulation, however, applies across the board. The following five regulations could impact your small business in 2015.
1. Affordable Care Act
The Affordable Care Act has far reaching implications for businesses. Obamacare has been wrought with growing pains since its inception. As a result, making sense of the new law’s impact on your small business is not as straightforward as it could be.
In addition to new disclosure rules for informing employees, the Affordable Care Act calls for employers to meet new IRS regulations. For small business owners with questions about the new laws, using updated accounting software such as Sage helps navigate changing tax filing requirements. Though some of the changes are being phased in over time and will not apply to every business this year, the way employers supply health insurance will ultimately receive a complete makeover. To protect your business from costly IRS fines and penalties, stay ahead of regulatory shifts.