There are many significant tax, payroll and employment compliance challenges facing businesses today. Check out the graphic below that illustrates the top challenges and what can be done to help overcome them.
Historically the United States prospered as a laissez-faire, business-friendly country, where entrepreneurs were relatively unencumbered by federal, state and local statutes. Now the complexity and risk of running a small business is rising exponentially thanks to increased regulation (which means more paperwork). Simply put, it’s hard to operate your business when you’re busy worrying about compliance and federal lawsuits around every corner. From an HR perspective, the increase in unemployment insurance taxes and the over-extended COBRA benefits are two perfect examples of this phenomenon.