When you own a business, you must follow a myriad of federal and state laws. Compliance is an area where you need to invest considerable resources since it is an ongoing area. Laws and regulations can change from year to year.
One of the major areas of focus in 2023 relates to labor practices. The government is increasingly focused on pay equity. Businesses must be focused more on diversity, equity, and inclusion practices because they are increasingly becoming part of government regulations.
In addition, the Department of Labor has also stepped up its enforcement of wage and hour rules that require overtime pay for certain workers and a minimum wage. Finally, in the employment realm, businesses may face more scrutiny over how they classify their workers.
In addition, tax rules are changing in 2023. The Internal Revenue Service just received $80 billion of additional funding to step up its own tax enforcement efforts.
Another major focus of the government in the coming year is cybersecurity and the protection of customer data. Customers have been victimized by data breaches, and businesses have faced legal consequences when they failed to adequately protect information and deal with risks. The government is continuously changing data privacy and protection rules, and businesses must be aware of the frequent amendments.
An experienced business attorney can help you stay in front of these changes, so you can change your policies and procedures accordingly. The government may first look at your corporate policies if you are being audited or have had an enforcement inquiry.
The attorneys at Naples & Spence keep abreast of the changing regulatory environment and advise clients on how to remain in compliance with the law. To speak with a business attorney, you can send us a message online or call us at 904.657.7117.