Tax issues continue to impede the economic growth of the nation. Time and again, small businesses, the engines of the economy, cite tax complexity and tax compliance problems as major concerns that they must face. To create an environment where small business job creation and expansion flourishes, the burdensome United States tax code must be addressed.
With decisions that need to be made around the clock, staff schedules that need to be constructed, materials that need to be organized to fulfill the next order, small business owners are busy launching and operating their companies. Often, they are not prepared to respond to the tax issue that their business faces. Small businesses, unlike large corporations, rarely have tax attorneys and accountants on staff ready to tackle the latest requirements in the Internal Revenue Code.
From the unrealistic treatment of net operating losses for small businesses, to misguided IRS interpretations, to the monumental fact that more than 90 percent of all small businesses in the United States are classified as pass-through entities, tax reform must take into account the huge role small businesses play in the economy.
Small businesses, entrepreneurs, and startups need the certainty and clarity of comprehensive tax reform.