Question

Major Federal Laws Affecting Business Practice.

Answer 1

The Federal Tax Code- Over the past 30 years, there have been so many thousands of changes and additions to the federal tax code that people can't even agree on how long it really is. Its complexity makes one thing easy, though: understanding why one-third of small business owners tell The Business Journals that they spend more than 80 hours per year on their federal taxes to comply with government regulations that affect them Nearly half pay at least $5,000 to a accountant to keep them in the IRS's good graces. Revenue Tax. Estimated tax, which offers small business owners the opportunity to make payments throughout the year, as your business is making money, rather than in a lump sum at year-end. Employment tax, which covers employees and includes Social Security, Medicare, federal unemployment tax and withholding tax on federal income. Excise tax, "payable when purchases are made on a particular good, such as petrol. Often, the excise taxes are included in the product price,

Labor Laws- There's more than one way to feel like you've gone to law school; you can even hire one employee, and you can probably recite state and national labor laws within a year. FirstStep Employment Law Advisor at the department of labour provides a useful introduction to what you need to know. Hours and wages, including provisions on overtime pay. Equal opportunity laws, which are enforced by the Equal Employment Opportunity Commission and apply to most businesses with 15 or more employees. Legal status of employees, to be verified by employers to the federal government. Family and medical leave, the provisions of which are outlined in the Family and Medical Leave Act.

The Affordable Care Act- The Affordable Care Act makes riveting reading for small business owners, who must be prepared to meet the requirements for data collection and reporting by the act. Compliance not only often takes a considerable amount of time; it often requires small business owners to build a complex system of information technology around it. So besides the legal advice you get from an attorney, you'll probably need a qualified accountant and IT expert to help you,