How To Survive Fiscal Cliff

By: James M. Lukenda, CIRA, Raymond Anderson, CTP

The start of 2013 may bring major headaches for U.S. businesses that are unprepared for a potential economic shock. At year end, the combination of expiring tax cuts and mandated spending cuts may present what Federal Reserve chairman Ben Bernanke has described as a “significant risk to recovery.” Adding to this “Fiscal Cliff”, the Supreme Court’s affirmation of the constitutionality of the Patient Protection and Affordable Care Act of 2010 removes any doubt that businesses must be ready to address the requirements of this legislation. While there is no crystal ball that can predict how these anticipated legislative and policy events will play out, management should be undertaking basic steps to assure that they are prepared to deal with the outcome. Read how the Fiscal Cliff could affect your business and how to prepare to address the impact.

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