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New Law Isn’t Healing Pain of Hiring Woes

Health insurance remains expensive and medical bills continue growing astronomically, but the Patient Protection and Affordable Care Act (ACA) will fix everything, right? Perhaps, but a recent survey suggests the ACA carries unanticipated costs.

Over the past two months Sageworks, a financial analyst and software company, surveyed 300 accountants’ opinions of the ACA’s impact on hiring. Based on business clients’ information, more than 60% of the surveyed CPAs indicated their clients weren’t planning on increasing their workforce, while 12% will be laying off staff during the next year.

These figures reflect an increase from a similar survey conducted in March, when 50% of respondents anticipated no increase and 6.5% predicted staff reductions. Sageworks chairman Brian Hamilton suggested the recent “transition relief” for implementing ACA policies won’t help matters.

“Private businesses are trying to map out their hiring and investment plans for the next 12 months,” said Hamilton, “and a last minute delay like this will increase the likelihood that companies remain on the fence about hiring.”

This state of flux delays economic recovery and makes planning difficult for individuals. At Patrick & Robinson CPAs we recommend people meet with their accountants and financial planners to develop plans tailored to their specific situations.

We’re confident the nation will recover from this slump and future planning will become easier.  Meanwhile, if a consultation would help you, please contact us at Office@CPAsite.com or 904-396-5400.

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