For small businesses in Las Vegas, government regulations are nothing new. These regulations seem to be constantly changing, forcing small business owners to evaluate their current business practices and make adjustments as necessary. It creates a seemingly endless amount of paperwork for small business owners, making it more important than ever to work with legal business professionals who can provide them with the insight, guidance and resources they need in order to remain in compliance with all regulations.
As President Donald Trump begins his term, small business owners can once again expect changes to government regulations. These are the top priorities of the administration that you can discuss with your attorney in order to verify that you are in compliance with all new and existing regulations for small business owners.
Throughout the campaign and transition period, Donald Trump remained vague about which regulations would be removed when in office. There are a few well-known laws that he has said will get his immediate attention.
Repeal and replacement of the Affordable Care Act
The Trump Administration is already making moves to repeal the Affordable Care Act, and has stated that it intends to replace the plan, as well. However, this is a complex process that is likely to take time, particularly as the replacement plan is drafted and moves through Congress. As the changes to the Affordable Care Act take shape in the coming weeks and months within the administration, it's important for small business owners to remain aware of the current employee regulations regarding the Affordable Care Act, which includes the Employer Shared Responsibility filing. Small business owners are invited to work with accounting professionals as well as their small business law firm in order to stay informed about the changes to the Affordable Care Act and how that is going to impact the IRS filings that they have for their business.
Employers, including small business owners, are particularly interested to see what changes are going to occur with the current immigration laws and policies in the United States. President Trump frequently spoke of immigration reform during his campaign, and he seems committed to enacting some kind of reform during his first 100 days in office. Small business employers who employ immigrants, particularly those who have entered the country on an H-1B visa, may find that there are changes that need to be made as a result of the prospective reforms. If any legislation or executive orders are taken, employers should work with their business attorney in order to remain in compliance with the law.
Given the fact that President Trump is beginning his term with a Congress controlled by the Republican party, there's a high likelihood that tax reform might be a possibility during the first months and years that he is in office. These changes are likely not as imminent as those associated with the Affordable Care Act and immigration reform, but small business owners should understand that they may occur in due time. Some reforms that the president is considering include eliminating the estate tax, cutting the tax rate for business owners and cutting the individual tax rate.
As you implement your business plan for the new year and you focus on changes that you want to make, also remember that you will need to stay informed of changing government regulations from the new administration. Your small business attorney can help you understand these regulatory issues and identify how they impact your business. With a qualified attorney on your team, you will be able to stay in compliance with all regulations while focusing on the important task at hand - growing and developing your small business in Las Vegas.
Find out more information about the 2017 regulatory issues and changes by contacting our office today.