NFIB’s Small Business Rundown podcast discusses the latest small business news
WASHINGTON, D.C. (April 20, 2023) – NFIB President & CEO Brad Close joins the Small Business Rundown to discuss the challenges of tax season for small businesses. In Episode 7, Close explains how complicated tax laws create confusion and uncertainty for America’s small business owners. Close explains the concerns of NFIB’s members and describes how Main Street businesses would benefit from the IRS focusing on customer service, education, and compliance assistance instead of audits and investigations.
Read excerpts of the conversation below and listen to the full episode here.
“Most [small business owners] have stories of waiting for hours on hold. And when they do finally get through, they’re not getting the correct information. They’ve had audit issues. They’ve had things filed against them that are proven to be errors from the IRS. But there is an inability to get good advice, good answers, and good guidance from the IRS. So, I think when [owners] look at legislation, a law now that is going to devote the bulk of $80 billion towards more enforcement, not towards improving IRS customer service, they get really worried.”
“…Small businesses have been through a very tough economic time the last three years. They and their employees and their families bore the brunt of the government shutdowns and all the restrictions. Big business tended to thrive during the pandemic. Small business was at a huge disadvantage, and now we’ve got an administration who is kind of looking at them as the goose that’s laying another golden egg. And so, they put stuff in [the White House Fiscal Year 2024 budget proposal] including a 5% tax that’s going to hit an awful lot of small businesses. A new surtax specifically directed at small businesses. Most small businesses, when they hear about it, are outraged. They know what 5% means on their bottom line. And for a lot of small businesses, that’s their margin of profit in a good year.”
“Well, I always encourage small business owners to take a few minutes to really reach out. It’s hard, you know, when you’re running a small business, it’s your life. You have no time for anything. But taking the time to reach out to your legislator, your Congressman, your Senator, it’s crucial. They need to hear from you. They need to understand what’s happening back on Main Street, back in their communities and their districts and their states. And that’s how things change. That’s how you get votes and ideas to change.”
Listen to Episode 7 in its entirety here: https://open.spotify.com/episode/4Fib15HSU1r93NAxzZ5Mt1
Close recently published an op-ed in USA TODAY explaining how the IRS should use its plans for expansion to provide more certainty for America’s small businesses. Read the full op-ed here: https://www.usatoday.com/story/opinion/2023/04/16/taxes-small-business-owners-irs-concerns-grow/11664571002/
Listen to NFIB’s national podcast, the Small Business Rundown, on Spotify, Apple Podcasts, Amazon Music, or wherever you get your podcasts. On The Small Business Rundown, industry experts, small business owners, legislators, and more join host Senior Vice President of Advocacy Adam Temple to analyze how current events, local politics, and national legislative efforts impact Main Street businesses throughout the country. For more information, visit NFIB.com/SmallBusinessRundownPodcast.
