Like a sinister octopus spreading its many tentacles, tax reform will creep into countless aspects of a firm’s financial picture, operations, and strategic plans. So it’s no wonder that it is the No. 1 regulatory concern of small businesses, according to a report from Paychex.

Learn more: For valuation experts, the most important thing is to understand the new tax law and to make sure its impacts are reflected in a company analysis and projections. Professor Aswath Damodaran (New York University Stern School of Business) has weighed in with his insights into the impact of the new tax laws on valuation. The major accounting and advisory firms all have published material on tax reform. Bloomberg Tax has just issued a special report on the impact of tax reform on business. And the FASB is issuing Q&A documents that address various financial accounting and reporting implementation issues related to the new tax law.

Also, as we reported a few weeks ago, the ASA has convened a special task force to study the valuation impacts of the new tax law. In the February issue of Business Valuation Update, valuation experts reveal what to think about in terms of the new tax law. And, on February 8, BVR will present a webinar on the new tax law’s impact on valuations of C corps and pass-through entities.

Getting back to the Paychex list, the other concerns keeping small-business owners up at night include how state taxing authorities will handle changes brought on by federal tax reform, overtime pay regs, paid leave laws, and pay equity requirements.