On November 8, Donald Trump was elected as the 45th President of the United States. Regardless of your political stance, this election is a historic moment for our country that will likely result in future compliance changes for HR professionals and small business owners. What those changes might be and how they will affect businesses is still to be determined, but Paycor is closely monitoring any new developments that will impact compliance regulations, the Human Resource industry and taxes for our clients. Here are the key topics we are keeping a close eye on so we can provide you with the latest information as soon as it becomes available.
Any Change Will Take Time
Though speculation is running rampant, you should still approach 2016 year-end in the same manner. President-elect Trump will be sworn into office on January 20, 2017, meaning many compliance updates will have been finalized by the time he officially becomes President of the United States.
Unless Blocked, DOL Overtime Rules Still Set To Go Into Effect
Updates to the Fair Labor Standards Act’s White Collar Exemption regulations are still set to go into effect on December 1, 2016. While the Trump administration could attempt to repeal the legislation, he won’t be able to stop the effective date. We are all anxiously waiting to see what happens on November 22 when the federal court in Texas is supposed to announce it’s ruling on the efforts to block the new regulations from going into effect. Stay tuned to our Resource Center and we’ll keep you up to date on any changes that result from the hearing.
_*DOL RULES UPDATE*
On November 22, a U.S. District ruled in favor of an injunction blocking the final overtime rules from being implemented on December 1, 2016. At this time, we are awaiting more information on updates to the rule and the final implementation date.
If you have implemented changes already, we recommend businesses not change any plans, pay structures, or policies that have been updated._
Paycor has created the resources you need to understand how the new DOL overtime regulations impact your organization—as well as the tools you need to stay compliant.
The Affordable Care Act is Still in Effect
The Affordable Care Act (ACA) was a hot topic throughout the 2016 election. While campaigning, President-elect Trump vowed to repeal the Affordable Care Act. While this may eventually happen, the Affordable Care Act cannot be eliminated overnight. With more than 20 million Americans currently covered under the ACA, there will need to be a careful plan in place for any changes that occur. Affected employers and HR professionals should continue to plan on filing ACA information in 2016.
Other 2017 Major Compliance Changes Remain in Place
Several other compliance changes have been determined for 2017, including accelerated W-2 timing and new EEO-1 Reporting updates. As a small business owner and HR professional, you should plan for these new regulations to remain in effect. If new regulations or changes are announced, Paycor will provide immediate notifications to our clients.
Local Updates May Have Occurred in Your Region
It’s easy to focus on the new president when thinking of the 2016 election, but there are also several new laws that were also voted upon. You should consult with your local government officials to ensure you are aware of any new tax changes that will occur in your area. Paycor’s solutions will automatically update to include these new changes as they take effect.
More to Come in 2017 and Beyond
Compliance will be top of mind as we move into the new year, and it’s likely that new compliance updates will occur in 2017 and beyond as result of this election. You don’t have to brave the unknown alone. Paycor’s dedicated compliance team is closely following all changes that affect our clients, and we are committed to informing you as soon as information is available or new updates occur. More importantly, Paycor’s solutions help provide small business owners and HR professionals with the tools needed to be successful and compliant.
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