With the New Year just around the corner, small business owners are gathering the information they need to make decisions and finalize plans for the next 12 months. Here's a list of 10 regulatory issues Paychex feels should be top-of-mind for businesses in 2017.

1. Expected to Impact Small Businesses in 2017
The Top 10 Regulatory Issues

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Tax reform could blend the measures outlined by President-elect
Trump during his campaign with existing GOP reform proposals.
Its speculated that many of these changes could fuel the creation
or expansion of small businesses, but it is possible some current
popular tax breaks and deductions may be eliminated or scaled
back to fund these tax decreases.
WHY IT MATTERS
TOP 10 REGULATORY ISSUES EXPECTED TO IMPACT SMALL BUSINESSES IN 2017
Tax
Reform
1#

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The ‘repeal and replacement’ of the Affordable Care Act (ACA) was a
central theme of President-elect Trump’s campaign message and is
expected to be among his administration’s priorities. While numerous
political and practical considerations may make immediate full ‘repeal
and replacement’ unlikely, significant components of the law could be
repealed as early as January.
WHY IT MATTERS
The Affordable
Care Act
2# TOP 10 REGULATORY ISSUES EXPECTED TO IMPACT SMALL BUSINESSES IN 2017

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Uncertainty over the DOL’s Final Overtime Rule will persist following
the late-November injunction of the law, even if the court ultimately
allows it to stand. The President-elect has voiced support for a
federal minimum wage increase and numerous states and localities
have passed or are contemplating minimum wage increases. On the
other hand, some states are considering laws prohibiting cities from
enacting minimum wages that differ from their state’s minimum
wage, and still other states are working toward new minimum wage
rates based on geographic region.
WHY IT MATTERS
Wage/Hour
Compliance
3# TOP 10 REGULATORY ISSUES EXPECTED TO IMPACT SMALL BUSINESSES IN 2017

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Immigration reform will be a priority during the President-elect’s
first 100 days in office. Many employers are waiting to see if this
will result in changes to the H-1B visa program, the typical route by
which highly-skilled talent enters the country. Additional enforcement
measures could suppress the availability of workers in industries
such as farming, hospitality, and construction.
WHY IT MATTERS
Immigration
Reform
4# TOP 10 REGULATORY ISSUES EXPECTED TO IMPACT SMALL BUSINESSES IN 2017

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The April 10th implementation of the DOL’s fiduciary rule, intended to
ensure that financial advisors provide advice in the best interest of
their clients, may be delayed or repealed by the Trump administration,
but the initiatives of many states to create laws mandating
state-sponsored retirement savings programs will likely continue
unimpeded. Social Security is also expected to garner attention from
the Trump administration as the system faces the possibility of
future insolvency.
WHY IT MATTERS
Retirement $
5# TOP 10 REGULATORY ISSUES EXPECTED TO IMPACT SMALL BUSINESSES IN 2017

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President-elect Trump voiced support for a federal paid maternity
leave program, but an overall reduction in federal regulation in the
employment realm is expected under the new administration,
including scaling back some pro-union policies and recent OSHA
workplace-safety regulations on businesses, which may result in an
increase in regulations and legislation at the state and local levels.
Many states are expected to consider paid sick and family leave
laws and some states are looking at their equal pay laws and are
considering expanding employer restrictions and obligations.
WHY IT MATTERS
Employment
Regulations
6# TOP 10 REGULATORY ISSUES EXPECTED TO IMPACT SMALL BUSINESSES IN 2017

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Since the EMV liability shift took effect in October 2015, some
small businesses have still not installed new EMV terminals used
to authenticate chip-card transactions and will be held liable for
fraudulent transactions made with a chip enabled card. Small
businesses will also be exposed to faster payments and should
work closely with their financial institution, payment processor and
credit card processor to learn more about these developments and
their implications.
WHY IT MATTERS
Payments
7# TOP 10 REGULATORY ISSUES EXPECTED TO IMPACT SMALL BUSINESSES IN 2017

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The hacking incidents and e-mail leaks which have made recent
news, ever-increasing levels of fraud and data breaches, and
growing national security concerns over foreign cyber activity
may lead the new administration to impose stricter security and
reporting requirements on businesses. Businesses also need to
be aware of more onerous information security regulations on a
state level.
WHY IT MATTERS
Cybersecurity
8# TOP 10 REGULATORY ISSUES EXPECTED TO IMPACT SMALL BUSINESSES IN 2017

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The Consumer Financial Protection Bureau’s final rule on prepaid
accounts will require employers to provide new disclosures for paying
wages via payroll cards, an increasingly popular method of receiving
pay for many workers. Employers making this option available to its
staff should confirm their payroll card provider is attentive to the
changing regulatory landscape.
WHY IT MATTERS
Paycards
9# TOP 10 REGULATORY ISSUES EXPECTED TO IMPACT SMALL BUSINESSES IN 2017

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A key election pledge for President-elect Trump was a $1 trillion
infrastructure initiative, meant to revitalize the nation’s roads,
bridges, broadband networks, and other support systems and boost
the economy through a multitude of new jobs. If the project moves
ahead there could be opportunity for small businesses to bid on
various aspects of these projects.
WHY IT MATTERS
Infrastructure Initiatives
and Opportunities
10# TOP 10 REGULATORY ISSUES EXPECTED TO IMPACT SMALL BUSINESSES IN 2017

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The information contained within is not tax or legal advice.
These issues are complex and applicability depends on individual
circumstances. Businesses should consult tax or legal counsel
before taking action on any of the items identified above.