Though there are a wide range of nettlesome issues business owners often have about their everyday operations, nothing causes more consternation than the healthcare law requiring them to provide employee benefits to their workers, a new poll reveals.
According to a recent survey conducted by the U.S. Chamber of Commerce, the top concern among business owners is the employer mandate, which was officially postponed in early July in order to give company executives more time to comply with the regulations that the law requires.
Despite the extra time, this hasn't allayed business owners' frustrations. In fact, concern about the ACA has jumped by 10 points in the past two years and by four points in the past three months. Additionally, nearly three quarters of business owners say that it's now more difficult for them to hire the help they need, as some employers are cutting full-time positions and replacing them with part-time in order to avoid the 50 worker threshold. The ACA requires that any business with more than 50 full-time workers has to make health coverage available to employees.
Rob Engstrom, vice president and national political director for the Chamber, indicated that the excessive regulations in the ACA is diminishing entrepreneurialism and causing unintended consequences.
"The only thing that scares small businesses more than the current business climate is what Washington bureaucrats will do next," said Engstrom. "Today's tough economic climate demands leadership on today's big issues."
Even among those who have not yet made adjustments to their hiring say they will do so. The survey found that roughly one-fourth small business owners will either cut hours or reduce the number of employees they have on staff.
In addition to the standards required in employer-provided coverage, business owners should also be aware of the taxes and fees that have to be filed next year. As a general rule, the fee filing due dates vary depending on when health plans end.
