Changes for 2012

Small business owners must be aware of the 12 laws that will be in effect for 2012 that could require them to make changes to the way they manage their businesses.
(1) Job Creation: The extension of the payroll-tax cut will have an impact on job creation changes because it includes a recapture provision for employees earning more than $18,350 in wages during the extension.
(2) Worker Classification: Several states will be enforcing stricter legislation changes for misclassified workers.
(3) Deficit Reduction: The government is attempting to reduce record spending for 2012, which would result in business and personal tax reforms put in place.
(4) Immigration Reform: Many states will enforce the federal E-verify system to help decrease the employment of illegal immigrants.
(5) Employment Law: The US Dept. of Labor and states are working together to clarify for employers minimum wage and overtime requirements so employers have a better understanding of what they are getting paid.
(6) Security and Privacy: To prevent cyber violations in companies, privacy and security systems are being implemented by many states.
(7) Dodd-Frank: Businesses may be hurt by the new financial changes such as banks limiting the availability of credit or capital, or the increase of of fees for borrowing.
(8) Health Insurance: The Supreme Court is debating on the new legislation, which may have a great affect on businesses.
(9) Unemployment Insurance: There may be higher unemployment taxes and more detailed employer reporting requirements to decrease unemployment insurance fraud.
(10) 401(k) Benefit: Changes for 401(k) providers include added fee disclosures and how many loans an employee can take from their 401(k).
(11) Tax: These changes will range from higher Social Security wage base to transportation and adoption-assistance-benefit limits.
(12) W-2 Form: Employers filing 250 or more W-2 forms in the past year must include the cost of employer-sponsored health coverage on their 2012 form.

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