ADVISORY: Hearing on Tax Challenges for Small Business TODAY
The House Small Business Committee, chaired by Rep. Sam Graves (R-MO), today announced the schedule for the week of April 7, 2014:
On Wednesday, April 9, at 1:00 p.m., the Small Business Committee will conduct a hearing titled The Biggest Tax Problems for Small Businesses. The hearing will examine some common tax challenges for small businesses. In addition, a new National Small Business Association survey on tax compliance will be released on Wednesday in conjunction with the testimony of one of its members, Tim Reynolds, President, Tribute, Inc., Hudson, OH.
The growing number of tax provisions means that small business owners must spend more resources on compliance rather than growing and creating jobs. Tax complexity is a big problem for small businesses: according to the Internal Revenue Service’s own National Taxpayer Advocate, there were over 500 changes to the tax code in 2010 alone, an average of more than one per day. And high tax rates mean small firms have less capital to invest back into their companies or create jobs.
“This time of year is dreaded by small businesses – a time when many companies and individuals are finalizing their tax returns,” said Chairman Graves. “Today’s tax code drains precious resources that could be used to grow a company and create jobs. This hearing will explore tax complexity and the high tax burden for small companies, and how they are dealing with these challenges in a tough economy.”
Wednesday, April 9, 2014, 1:00 p.m. EDT