Bohemia, NY (PRWEB) January 02, 2014
Lawrence Teicher, founder of CFO Consulting Services, responds to an article published by Fox Business, which lists the regulatory issues that small businesses should prepare to deal with in 2014.
According to the December 27 Fox Business article titled “9 Regulatory Issues That Will Affect Small Business in 2014,” companies should be mindful of certain regulatory issues that will likely need to be addressed over the course of the year. The nine regulatory issues listed are health care, the Defense of Marriage Act, immigration, IRS priorities, retirement, employment regulations, privacy and data security, mobile technology, and banking changes.
Of these issues, the article says health care, mobile technology, and immigration are among the most likely to affect small businesses. Health care is a subject every small business will have to deal with in 2014 due to the Affordable Care Act. Therefore, even businesses that do not offer insurance plans will need to address health care in the form of taxes and reforms. In addition, the small business tax credit for employers that offer health insurance coverage will also change in 2014.
The article says immigration is a major national issue for businesses because of E-verify. E-verify is a digital system that checks to make sure the workers are legal United States citizens. Though the system was only adopted by a few states, there has been a lot of controversy in setting up mandatory E-verify requirements. Business owners should take note and plan accordingly.
Mobile technology is an exciting new frontier for business owners to market their products. However, mobile devices can also help other aspects of a business. The article says, “more businesses are adopting Bring Your Own Device or Bring Your Own Technology policies that allow employees to use their own mobile phones and tablets to conduct company business. Businesses could see new regulations and guidance in the New Year on how to balance employer software, productivity and data security demands with the privacy, ownership and compensation rights of the employee.”
Lawrence Teicher, founder of CFO Consulting Services, agrees that small business owners should know the issues they will face in 2014. “Unfortunately, small businesses will not only face problems increasing profit in 2014,” he says. “National and societal issues will also creep their way into business. Facing all of the new regulatory changes will not be easy, so business owners should prepare in advance for the aforementioned issues. This way, business owners will not be taken away from the more important aspects of their day-to-day duties or face any legal trouble.”
CFO Consulting Services, LLC provides outsourced, part-time CFO services on an as-needed basis to both small and mid-sized businesses located in the NY metropolitan region. Founded by Long Island CPA and financial expert Lawrence Teicher, CFO Consulting Services follows four main principles: independence, objectivity, competence and confidentiality. These core values have led its clients to achieve lasting success in their businesses.