One of the biggest headline grabbing additions to the new Republican tax law, passed in December 2017, is a lower business tax rates. Corporations paid 35 percent of profits to Uncle Sam in the past, after loopholes and deductions, and now pay 21 percent. But what does that mean for small business owners with an […]
Given the extreme weather happening all over the U.S. lately, we are naturally having conversations about security precautions. However, you shouldn’t wait until a disaster strikes in order to think about this. By then it’s too late. Here are five security precautions business owners need to take on a regular basis. These will help protect […]
On October 1, 2015 all merchants in the United States were required to update their payment processing technology to be compatible with EMV technology. EMV short for Europay, MasterCard, and Visa is a payment method that uses tiny chips embedded into credit cards to make payments as oppose to using the magnetic strip. As card issuers […]
The last thing a business owner wants to deal with is late payments. That’s why they may want to consider asking for payment upfront. One of the best ways to do this efficiently and effectively is to get credit card information during a sales call. The truth is, if you’ve played your cards right, people […]
The legal aspects of running a small business are important, but often overlooked. Sure, being an entrepreneur is the American dream. Who doesn’t pine the work day away thinking about being their own boss, escaping the hamster wheel of being a salaried employee or clock puncher, and making your own destiny? However, many new entrepreneurs and small […]
Whether you run an online business, a high street store or a B2B service, chances are that you will invest a significant amount of time and money into your marketing, advertising, and sales activities. In order to make a profit, you need to find people that are willing to buy from you, and make sure […]
It’s been a rocky start for the Trump Administration. Regardless of what side of the political spectrum you stand, there’s been controversy and divisiveness surrounding everything from the administration’s cabinet picks, the travel ban, and the repeal of Obamacare. However, we’re curious about how the new administration is going to impact payments systems — which […]
Over the last several years China has made it difficult for foreign companies, specifically tech giants like Google, Microsoft, Facebook, and Twitter, to enter its market. However, as reported in Bloomberg Technology, China has “green-lit a sweeping and controversial law that may grant Beijing unprecedented access to foreign companies’ technology and hamstring their operations in […]
The Fintech revolution has been in full-swing over the last five years. In fact, more than a staggering $25 billion has already been invested in an estimated 4,000 Fintech companies since 2010. Despite this impressive growth, Fintech presents a number of complex challenges that entrepreneurs have yet to resolve. Here are six challenges of Fintech: […]
One of the promises that Donald Trump made on the campaign trail was a move toward de-regulation, particularly in the financial sector. His cabinet selections so far indicate that his administration is on that track. An area that might be impacted by the move toward deregulation is regtech. In the years following the financial crisis, […]
Even if you are a solo-preneur or freelancer, the new expanded regulatory and compliance environment can impact you. Any business must consider the federal, state, and local laws that govern how a business is formed and managed as well as being knowledge about how to deal with taxes, deductions, and disclosures - among the many things covered under the area of regulations. While the business environment has added many opportunities to create and run a successful business of any size, especially with the advent of online marketplaces for selling and exchanging goods and services, the level of complexity has skyrocketed. In fact, many regulations are still being worked out when business transactions involve online transactions or those that cross geographic territories and then involve other governments and varied regulations.
One of the most frequent mistakes a business owner makes or can make is to unknowingly break a law or be ignorant of a regulatory or compliance issue. It's understandable to lack specific information about regulations given the differences across federal, state, and local lines as well as in regards to what can be done legally online. Since compliance and regulations continue to change -- some quite frequently -- it is easy to see how these types of mistakes can happen. Then, there are external factors beyond a business owner's control like retailers that were held responsible for accounts being compromised through their debit and credit card payment systems. The new health insurance regulatory environment means that even the self-employed like freelancers have to prove to the federal government that they are in compliance with paying for an insurance plan. On all levels, regulations can become problematic for a small business owner.
The result of these mistakes can be very costly as many business owners have discovered. From fines and penalties to tarnished brands and business failure, not following the letter of the law on every aspect of business hurts. Rather than compliance killing your business, we recommend regularly turning to our blog category dedicated to information regarding Regulations to help you stay updated on the regular changes and updates to various business functions and processes. Using our own team and individual experiences with compliance and regulatory issues we use a systematic investigation and research system to provide you with the increasing regulatory changes that occur in the government. With our business partners, we have put together a library of regulatory articles, blog posts, and guides that cover a wide range of topics.
These topics include tax compliance issues like whether you need to issue a 1099-MISC or not to a subcontractor, allowed tax deductions for a freelancer, and what to make sure you do not overlook with business taxes; PCI Compliance fines and how to avoid them; the evolution of financial compliance; how to keep customers safe when they use credit cards to purchase goods or services from you; how to get health insurance as a self-employed person; things to think about with sponsored content and the use of anyone's intellectual property online; and disclosure during employee promotions. These examples of topics from our Regulations category provide an overview of the type of relevant and beneficial information we seek to deliver to our customer base. We look forward to also hearing from you about specific compliance issue that you face and would like us to cover in future posts.