As a culture we’re obsessed with the future and this includes planning and predicting what’s to come in the following year. In case you’ve missed the news, 2017 is sure to bring with it a lot of change.
The title of this post is a bit of a misnomer. The payroll world is an unknown and surely difficult to make hard and fast predictions. Any first year of a presidential term carries a bit of uncertainty, and 2017 is no different. As presidential politics showed us a few months ago – predictions are really hard, but let’s keep an eye on the following topics:
The changes was intended to go into effect on December 1… then tabled… and now the saga continues into 2017. The injunction announced before Thanksgiving is only temporary. A merits determination needs to be made before a permanent injunction can be put into place.
- Affordable Care Act
While it will remain intact for 2017, President-Elect Trump plans to repeal and replace certain components. This will more than likely effect the nightmares that employers are experiencing with tracking and reporting. According to S. News, action to repeal major parts of the law may happen quickly, but Republicans, if successful, are likely to delay any changes to the existing system, experts say, until at least 2019. This move could minimize disruptions for the health care industry and the more than 20 million Americans who gained insurance under the law by maintaining the status quo while Republicans craft a plan to replace Obamacare.
- Student Loans
At the present there are four proposed bills regarding repayment of student loans via payroll deductions. The four bills – Employer Participation in Student Loan Assistance Act, the Student Loan Employment Benefits Act of 2016, the HELP for Students and Parents Act and the Student Loan Repayment Assistance Act of 2015 – would create incentives for employers to create student loan assistance programs. These programs would encourage employees to manage their student loan debt more effectively. While these bills have yet to pass either full chamber of Congress, more employers lately have been offering student loan assistance as a workplace benefit. Some states are also starting to move on their own legislation.
The new presidency will probably significantly shake up the tax withholding rates. While the IRS is about to release the new tax withholding tables (supplemental tax rates will not be changed), and one might think it is too late to change them once 2017 begins – it has happened before.
Bonus: I do have one prediction for 2017 – The Mobile Workforce Bill passed in Congress back in September, and is sitting with the Senate right now. I think it will pass in 2017. This is a win for employers.
Are these items and other payroll activities stressing you out? By having a thorough payroll assessment completed each year, you ensure your organization is compliant and operating in a way that is beneficial to the company and its organization. Use the contact form below if you need help completing your 2017 payroll assessment.
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