Tax Tip of the Week | No. 404 | Top 10 Regulatory Issues for 2017

Tax Tip of the Week | April 26, 2017 | No. 404 | Top 10 Regulatory Issues for 2017

Tax season is over and we now need to look forward to 2017 issues. We have now seen where the new administration and GOP led Congress is trying to make changes.  For the balance of 2017 we will be keeping you updated on what we see as the “Top 10 Regulatory Issues for 2017”:1.    Tax ReformReducing individual and corporate tax rates, a cap of 20% on capital gains, the elimination of the estate tax and the permanent ability to write off capital expenses appear to be major goals in 2017.2.    The Affordable Care Act (ACA)The “repeal and replacement of the ACA” was a central theme of President Trump’s campaign. We will be looking to see what the “replacement” will look like.3.    Wage/Hour ComplianceUncertainty still surrounds the Dept. of Labor’s Final Overtime Rule.  Numerous states and some cities are looking at adapting their own minimum wage rates. Trump has also voiced general support of federal minimum wage increases.4.    Immigration ReformExecutive Orders have already been made by Trump to implement another of his major campaign promises.  A new Form I-9 was released on January 22, 2017 to strengthen the compliance of documented workers.  We expect more regulations to be passed in 2017.5.    RetirementThe Dept of Labor’s Fiduciary Rule which will change the way financial advisors try to help their clients may be changed or repealed in 2017. Proposals have been made to create more generous tax credits for small business to offer qualified retirement plans.  Social Security is expected to garner attention.  Adjustments to Social Security include raising the retirement age, cutting benefits, raising the payroll tax cap and reducing the annual cost-of-living adjustment.6.    Employment RegulationsPaid sick and family leave laws, maternity leave and EEOC rules to ensure equal pay should be areas of scrutiny during 2017.7.    PaymentsEven though the “smart chip” on credit cards was introduced in 2015 to help facilitate faster payments and reduce cyber theft, the technology has still not been fully implemented.  Also look for expansion of same-day ACH payments for real-time transactions.8.    CybersecurityThe growing problem of identity thefts and frauds along with the hacking of business and government databases should see increasing regulations to help curtail these crimes.9.    PaycardsPayroll cards are an increasingly popular method for many workers to receive their wages.  The Consumer Financial Protection Bureau has issued a 1,689 page set of final rules that will go into effect October 1, 2017.10.    Infrastructure InitiativesOne of President Trump’s key campaign promises was a $1 trillion infrastructure initiative to build/improve roads, bridges, broadband networks, etc.  Assuming he can find the funding for these projects, it would provide a major opportunity for small business owners and workers in 2017 and beyond.Who knows what will happen in 2017----but it should be an exciting year! We will keep you posted.You can contact us in Dayton at 937-436-3133 and in Xenia at 937-372-3504.  Or visit our website.Rick Prewitt – the guy behind TTW...until next week.