Obama's Healthcare Law Presents New Challenges for Small Businesses
As provisions of the new healthcare law start to take effect, much has been reported on the changes for the individual and the insurers, but small businesses will be affected, too.
The complicated new law is full of requirements and regulations that the small business owner will need to know before the year is over.
Chambers of Commerce have been getting the word out during information sessions around the country.
"Health care is very very complicated to begin with and it's become even more complicated," said Anthony Ferreri, president and CEO of Staten Island University Hospital, the guest speaker, who presented background on the law and its impact. "That's the challenge of managing change."
The law does include tax breaks for small businesses to soften the increase in costs that have started to occur. For some businesses rising healthcare costs were creating no-win situations where small business owners had to choose between offering healthcare, reducing staff, or closing altogether.
That was the case for Betsy Burton, a bookstore owner in Salt Lake City, according to the New York Times. Burton's payroll had ballooned to an unsustainable high, and she considered closing, but the tax breaks in the healthcare law have eased the burden some.
The new law allows businesses that meet certain provisions to deduct some of the costs, and the IRS has produced a list of Frequently Asked Questions to help small business owners know what options they have.
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