Compliance with new laws like the ACA will challenge business.
- The regulatory floodgate burst on November 20, 2012 releasing guidance on new regulations regarding the determination of full-time workers and essential health benefits.
- Taxes are going up in 2013 regardless of what happens with the fiscal cliff because the Affordable Care Act introduces 19 new taxes that will impact businesses and many are unaware.
- Even more troublesome will be the new hidden taxes of compliance which will challenge small and mid-sized businesses and they need to begin preparing now.
2013 is a critical year for businesses of all sizes because business owners and executives all over the country are concerned about rising healthcare costs and new taxes beginning in 2013. Unfortunately because so many of these individuals are working so hard to stay in business, many will ignore an even more troublesome and often hidden tax of compliance.
The United States economy spends $1.75 trillion a year in compliance costs with federal regulations and this is going to expand rapidly in the next several years.
Let me repeat.
The United States business community spends more on compliance than all but eight of the world’s economies. This will be expanding and many firms are unprepared right now for laws like the Affordable Care Act which includes 1,693 declarative statements spawning the creation of thousands of new rules and regulations.
The bottom line is this law is going to impact every business and individual somehow because Obamacare is a shot-gun approach to 1/6th of our economy and every firm is different.
On the individual side if you think about it every single person in this country has different income and healthcare outcomes and therefore the IRS will view them differently.
The law looks at every business based on the demographics of that particular firm.
Therefore, at some point in time almost every business will need consultation on this issue because several unknown compliance costs buried in the ACA are up to $1,000 per employee per day.
E.D. Bellis is here to prepare your company for a tumultuous 2013. Get long-term savings started today by contacting us for an initial assessment of your firm. It will save you time and money.
Businesses with 35-200 employees are those who really need to be on top of this issue and unfortunately most are unprepared at the moment.
While many be exempt from a lot of the more controversial parts of the law, smaller businesses will also see an impact from the Obama healthcare reform law. E.D. Bellis has packages for small businesses who insure their employees targeting cost reduction.
Did you know by focusing on your workforce and investing in employee education many will lower renewal costs next year which could save a lot of money?
E.D. Bellis is prepared to be by your side helping you best position your business for a rocky road ahead.
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