Regulatory concerns in 2020 are nothing to sneeze at and business owners should always know what they are and be read to address them. Businesses and their human resources departments need to stay on top of all regulatory compliance subjects, so their businesses keep in line and stay successful.
Presented for your knowledge and reference as the year continues to unfold are the biggest regulatory problems company’s need to be aware of and comply with in 2020:
Extensive Growth of Business Payment Choices
During 2020 the fast growth of expanded quicker payment choices to get and send payments will keep on going. There have been creation of several networks providing immediate payments to businesses and the growth of businesses having access to same-day ACH and pay now products that allow workers to be paid the same day they provide services. Payments converting to electronic payment choices will keep growing, where eventually there will be less and less cash payments being use. Businesses looking to both better their cash flow and wanting to help employees with faster payment methods need to meet with their bank or payroll processing company to talk about all the payment choices available today.
Business Compliance with Right to Privacy Regulations
Businesses must be very aware of the regulations governing privacy regulations and how they conduct business. If there are federal and state privacy regulations a business needs to follow, they need to make sure they way they do business accomplishes all the needed requirements.
New Health Care Reform and Regulation Changes
Health care regulations have changed since the new administration came into power in 2017. Changes have been enacted regarding regulations covering Individual Coverage Health Reimbursement Arrangements, Association Health Plans, Short-Term Limited Duration Insurance, and the removal of the federal penalty under the individual mandate. Certain states have taken legal action to address these issues. The outcome of these actions may mean employees may have new choices, and requirements they must comply with or decide on regarding health care.