Welcome to the Small Business Run Down. Each day, we bring you stories and trends that impact small business owners and their workforce.
Did you hear the rumor? Yeah, we did, too … so, let’s go ahead and look at all the commotion surrounding a possible payroll tax cut. Also, we’ll face our fears and jump into the world of retirement plan options for small businesses and ADA-compliant websites. It’s a big day!
Payroll tax rumors & what it might mean for small businesses
According to 2 in 5 economists, we’re headed toward a recession, but President Trump insists that’s not the reason that a payroll tax cut is being discussed at the White House. Curious what payroll tax cut would look like? If tax cut does materialize, despite concerns about increasing the deficit, it might mirror the 2011 tax cuts which didn’t change employer contributions to payroll taxes but dropped workers’ contributions by about 2%.
The Number: $908. The last payroll tax cut was in 2011, during the Obama Administration. If a similar payroll tax cut is enacted today, it would save the average worker approximately $908.
The Quote: “I’ve been thinking about payroll taxes for a long time. Whether or not we do it now, it’s not being done because of recession.”
Confused about retirement plan options? You’re not alone.
If researching and choosing a retirement plan for your employees feels like a daunting task, you’re not the only one. Currently, only 1 in 4 small businesses offers employees any sort of retirement plan and research shows that SBOs perceive many impediments to starting 401(k) programs despite willingness to sponsor them. The first step: getting educated on the types of plans available.
The Number: 45%. When it comes to researching retirement plan options, only 23% percent of SBOs have researched plans beyond 401(k)s and 45% of small biz owners haven’t done any research at all.
The Quote: “Small businesses are the front line of the retirement crisis.”
If you’re ready to take the first step…
A retirement plan is only part of creating a comprehensive benefits package for your employees. If you’re ready to take that first step toward putting together a full complement of benefits for your employees, here’s a good place to start.
ADA compliance potential big issue for small business websites
When was the last time you updated your website … or checked to make sure that its content is compliant with the Americans with Disabilities Act (ADA) and the Web Content Accessibility Guidelines (WCAG)? Making sure that your small business’s web presence is fully ADA-compliant is the right thing to do by your customers and employees — and an important step to take to protect your business from lawsuits or fines for noncompliance.
The Number: 177%. In 2018, there were over 2000 lawsuits dealing with ADA compliance and websites, representing 177% increase from 2017.
The Quote: “Recently, many lawsuits have targeted SMBs on behalf of consumers with disabilities who are unable to fully access their websites.”