Paychex reveals top regulatory issues for businesses in 2023

Andrea Deckert//December 19, 2022//

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Small business funding is the top regulatory issue employees should monitor in the new year, according to a recently released list compiled by Paychex Inc.

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.

This 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.

The company’s compliance professionals have identified the following seven topics as key considerations for employers in 2023:

Small Business Funding;
Pay Equity;
Worker Classification Guidance;
Encouraging Retirement Savings;
Wage and Hour Regulations;
Paid Leave, and
Private/Cyber Security

Other areas of interest for businesses to consider include tax changes, hybrid and remote work and healthcare reform.

“We understand that keeping up with shifting regulations can be a challenge for business owners – and that missteps can have serious consequences,” said Frank Fiorille, vice president of risk, compliance and data analytics at Paychex. “The past few years have sparked a widespread re-evaluation of the employee-employer relationship, and that wave of change shows no signs of stopping.”

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