Six Potential New Laws Small Business Owners Should Watch Out for in 2014

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If a business owner has to ask “what is business law?” they might not have the experience needed to succeed. However, getting familiar with new small business laws every year is important for every owner who wants to make sure their company is as successful as possible. There are a few that could have a significant impact in 2014 and taking the time to learn and understand them could be crucial for owners who want to avoid mistakes that cost them time and money.

  • Obamacare!
  • Though small business owners are not required to provide their employees with health insurance benefits, those that do will need to comply with changes that will take place in 2014. For instance, the rules surrounding group health insurance and tax credits for insurance benefits will be different.

  • Immigration and Verification
  • In another controversial area, Washington might change the ways that business owners prove that their employees are eligible to work. The proposed legislation includes enhanced e-verification requirements and a new I-9 eligibility form.

  • New Employment Regulations
  • There are several potential changes that could be made this year, including workers’ rights to organize, Fair Labor and Standards Act updates, and even an increase in the federal minimum wage. All are potentially influential possible small business law changes that could impact any owner’s bottom line.

  • Privacy and Security
  • It seems like a new company is getting hacked every week and people are constantly having their credit card numbers and bank account information stolen. The government might roll out new regulations that increase privacy and security, and making those adjustments could be challenging to owners.

  • IRS Priority Changes
  • This month, the Supreme Court is hearing arguments about whether or not severance pay should be tax exempt. The IRS is also going to more closely examine taxation of tips and service charges, which could drastically influence places like bars and restaurants.

  • Mobile Technology
  • With the growth of online shopping, banking, and other transactions, owners should expect new government regulations that influence bring your own device (BYOD) programs. They could provide guidance on how to balance employee software, productivity and data security demands, and ownership and employee compensation rights.

There is no guarantee that any of these new small business laws will go into effect any time soon, and some are just being proposed. However, working with a business law attorney who knows and understands all of them is a good idea for any owner who wants to make sure they are prepared for any unexpected changes that get thrown their way. Continue reading here.

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