California has birthed many great success stories: the Gold Rush, Hollywood and Silicon Valley, for starters. For centuries people have moved to the West Coast seeking unconventional opportunities and fast fortunes.

With so many big companies evading the U.S. treasury by taking advantage of tax shelters and payment loopholes, small businesses, too, want to shave a few percentage points off their business tax rates. But those who can’t afford to pull the “double Irish” or hire a team of tax attorneys to fully exploit the system’s weak points may be ignoring the deductions for which they are eligible.

California businesses take notice: New state laws will soon affect minimum wage, leave, wage equality, reasonable accommodation and motor carrier requirements. Affected businesses need to stay ahead of the changes or face the consequences.

Companies with defined contribution or insurance benefit plans have many compliance issues, including the need to report the details of their benefits programs to government agencies. To satisfy the requirements of the IRS and Department of Labor (DOL), businesses must complete and submit Form 5500 during each plan year.