In the world of public policy, there’s a term called an “unfunded mandate.” An unfunded mandate is a new law that’s aimed to help a majority of the population, but ultimately lacks the funding to educate the population on the value of the legislation. One example is food stamps. Food stamps exist to help people in need, but only a small minority of qualified Americans receives food stamps because they don’t know how to go about getting them.
In many ways, it’s as if government lacks the advertising dollars to educate its citizens on the value of something.
Another example is Obamacare. Regardless of your feelings of the bill, it’s now the law of the land, and small businesses have no idea how it will impact them. Furthermore, the government, specifically the Department of Health and Human Services, has been slow in educating small businesses around the law’s consequences.
Furthermore, the impact of this law on individual and employer tax planning strategies is immense. As an experienced Pasadena CPA firm, Robert Hall knows the ins-and-outs of this law, and can help you prepare for it for tax and small business purposes.