Press release
Paychex Reveals Top Regulatory Issues for Businesses in 2023
ROCHESTER, N.Y., Dec. 15, 2022 /PRNewswire/ -- Paychex, Inc., a leading provider of integrated human capital management software solutions for human
About this update from Paychex, Inc.
[{"type":"text","content":"ROCHESTER, N.Y., Dec. 15, 2022 /PRNewswire/ -- Paychex, Inc., a leading provider of integrated human capital management software solutions for human resources, payroll, benefits, and insurance services, today released a list of the regulatory issues that employers should monitor in the new year. The company's list, compiled annually, outlines the most prominent compliance-related topics employers will need to contend with in 2023 and explores the legislative and regulatory context surrounding these issues.\n\n \n \n \n \n \n \n\n \nThis year, funding and tax credit eligibility rose to the top of the list, as business leaders manage the economic impacts of inflation and turn to programs like the Employee Retention Tax Credit and the Inflation Reduction Act. Businesses should also prepare for potential legislation and regulations that could impact how to classify workers, pay workers, and provide paid time off for their workers.\nThe company's compliance professionals have identified the following topics as key considerations for employers in 2023:\n#1 Small Business Funding. Despite the absence of any new federal programs to date, businesses can still take advantage of the funding opportunities carrying over from the COVID-19 pandemic, including:\nThe Employee Retention Tax Credit (ERTC). Businesses that paid qualified wages to keep employees working from March 12, 2020 through Sept. 30, 2021 (and for some certain businesses identified as Recovery Startups, wages could be paid through Dec. 31, 2021) have until either April 15, 2024 (for three quarters of 2020) or April 15, 2025 (for all four quarters of 2021) to file amended returns and retroactively claim the credit. Paychex Protection Program (PPP). The Small Business Administration is still accepting applications for Paycheck Protection Program (PPP) loan forgiveness if submitted before the maturity date of the loan. The Inflation Reduction Act. The Inflation Reduction Act, doubled the maximum amount of the Research and Development Tax Credit, giving certain businesses in tax year 2023 a chance to claim up to $500,000 annually for qualified research activities.State Incentives. Some states also continue to sponsor programs that enhance funding efforts to help businesses, including 38 approved State Small Business Credit Initiative programs.#2 Pay Equity. Pay equity was again o...