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The effects of government regulatory programs on businesses

Staying on top of the rules which are often changing is essential to maintaining a competitive edge. Failing to do so means incurring penalties and potential legal issues, which could cause you to fall behind your competition. The regulatory framework of the day should also inform your broader strategy, so it's important to periodically refresh your knowledge about what's changing. These five federal policies are changing or likely to change, and they could affect your small business.

Government Regulations: Do They Help Businesses?

Keeping an eye on the developments surrounding each could pay off big time in the end, saving you time, money and a headache. Wayfair marked the end of e-commerce businesses enjoying zero sales tax.

Government Accountability Office estimated that states collectively lose billions of dollars in tax revenue. In a blog postSwyft Filings broke down the expected impact of the 5-4 decision on small businesses and e-commerce companies.

Tariffs and trade policies

While the specific requirements aren't clear, the post reads, it does mean online retailers will be expected to do more in terms of paying sales taxes. Online retailers, or even service providers, will now have to analyze what are likely to be 50 state laws dealing with sales tax for out-of-state businesses," the author wrote. Many e-commerce businesses already voluntarily collect sales taxes in anticipation of just such a sea change. However, if you are an online retailer who has not paid any sales taxes, it's important to familiarize yourself with state tax laws that might apply to you, and begin setting aside some funds accordingly.

Tariffs and trade policies A hot topic in the news today is international trade policy. After the Trump administration announced a spate of tariffs on trading partners, including close U. Tariffs can have a huge ripple effect on economies throughout the world, even impacting businesses in industries that weren't directly targeted.

Understanding how the mounting tensions in trade policy could impact your small business is essential moving forward, as the market will adjust as a result, changing overhead and price points nearly everywhere. Preparing for market changes now by purchasing essential goods and equipment, setting aside extra liquid capital, and renegotiating contracts with suppliers could help insulate you from the worst impacts of rising tariffs and trade negotiations down the line. Federal tax overhaul Federal tax policy reform, which narrowly passed in both chambers of Congress last year, carries huge implications for businesses of all sizes.

The impact of regulation

Not only does the law revamp the U. While many have rushed to judgment either in favor of or against the legislation, the tax code is labyrinthian in nature, and the full effects won't be recognized until implementation is already well underway.

  1. Understanding how the mounting tensions in trade policy could impact your small business is essential moving forward, as the market will adjust as a result, changing overhead and price points nearly everywhere.
  2. Another frequent target of certain businesses is the Environmental Protection Agency.
  3. The Federal Trade Commission has also been perceived as a foe of business by some firms, which have had their practices such as price fixing , monopolies and fraudulent or misleading advertising curtailed by this arm of the government.
  4. Anti-Business Regulations and Laws Since the enactment of anti-trust laws in the early twentieth century, followed by periodic increases in corporate tax rates and increasingly complex and restrictive regulatory laws governing the conduct of business, the American business community has generally been an opponent of any government law, regulation, compliance obligation or tax levy that it perceives to undermine profitability or impede business operations. Paid leave bills were also introduced in Congress, but any that surface this session are unlikely to gain traction in either Republican-led chamber.
  5. These five federal policies are changing or likely to change, and they could affect your small business. Paid leave bills were also introduced in Congress, but any that surface this session are unlikely to gain traction in either Republican-led chamber.

Entrepreneurs should monitor developments as the new policy takes effect and consult with professionals about new opportunities or strategies to pursue. Entrepreneurs should keep an eye on the developments, said E. McGowan, vice president and managing director of Campaigner. While the terms of how the U. However, according to Paychex, the reporting provisions will not change, and employers and other self-insured individuals should be prepared to comply with existing requirements.

As was the case in 2017, paid leave policies will likely be implemented in a patchwork fashion by localities and states. Paid leave bills were also introduced in Congress, but any that surface this session are unlikely to gain traction in either Republican-led chamber.

For entrepreneurs, offering paid leave benefits represents an attractive incentive when courting talent, but mandatory paid leave policies would likely require additional considerations in planning and budgeting.

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Whether it's having a key member of a small team out of the office for an extended period of time or the back-end administration of such a program, mandatory paid leave will introduce new dynamics small business owners will have to navigate. He worked for a local newspaper and freelanced for several publications after graduating college.

He can be reached by emailor follow him on Twitter. You May Also Like.