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NSBA’s Tim Reynolds Testifies on Tax Burden

FOR IMMEDIATE RELEASE
Feb. 15, 2017

Contact:
Molly Day
202-552-2904
mday@nsba.biz

Washington, D.C. – Earlier today, National Small Business Association (NSBA) Past Chair Tim Reynolds, President of Tribute, Inc. located in Hudson, Ohio, testified before the House Small Business Committee on tax reform. The hearing, “Start-ups Stalling? The Tax Code as a Barrier to Entrepreneurship” focused on the overwhelming complexity of the federal Tax Code how the tax burden is a barrier to business creation and growth.

“Over the past 30 years, the Tax Code has become full of contradictory rules with unclear policy objectives that have resulted in both unintended consequences and unrealized intended consequences,” stated Reynolds. “It’s a huge drain on small businesses like mine—we pay accountants more than $14,000 each year to prepare our taxes.”

Reynolds went on to describe one audit his company endured during which the initial auditor did not understand certain revenue deferral rules. After multiple appeals, Mr. Reynolds’ firm was finally referred to a supervisor, who ultimately agreed with his company’s interpretation of the rules. Tax complexity is so high that, in some cases, even the IRS does not know how to interpret the rules.

According to the NSBA 2016 Mid-Year Economic Report, the administrative burden of the Tax Code is notably greater than the actual financial burden. Nearly half of small businesses spend more than 40 hours per year to comply with federal taxes, and nearly one-in-three spend more than 80 hours. Taxes are so complex, 85 percent of small firms are forced to pay an external accountant or practitioner.

“The Tax Code is unfair to small businesses, biased against savings and investment, and impossibly complex,” Reynolds concluded. “Efforts to reduce the regulatory and administrative burdens on small businesses must focus on overall simplification, eliminating inequities within the Tax Code, and enhancing taxpayer education and outreach.”

Please click here to read the full testimony.

Celebrating 80 years in operation, NSBA is a staunchly nonpartisan organization advocating on behalf of America’s entrepreneurs. NSBA’s 65,000 members represent every state and every industry in the U.S., and we are proud to be the nation’s first small-business advocacy organization. Please visit www.nsba.biz or follow us at @NSBAAdvocate.

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Posted by on February 15, 2017. Filed under Latest News, Tax & Budget. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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