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occurred, including reinstatement of checking applications against Do Not Pay databases, the checking of tax

reporting burden—the NSBA-opposed Corporate Transparency Act—the expiration of critical small-business tax

doing business, but 20th in terms of starting a business, and 64th in terms of dealing with and paying taxes

key small-business issues including regulatory fairness, federal contracting access to capital and tax Ways & Means | One of the most powerful committees with jurisdiction over tax policy and finance, Rep As the chief tax-writing panel, W&M (where tax provisions must originate) and Finance have jurisdiction over all taxation matters and programs such as Social Security and Medicare.

Administrator Guzman and Olivia Nutter with the Page30 Coalition SBC 2023’s second Issue Panel focused on taxation , exploring the various expiring tax credits and deductions, enhanced IRS enforcement, overall tax burden Taxation Issue Panel featuring (L-R): NSBA Taxation Committee Chair Michael Canty (moderator), William McBride with the Tax Foundation, Rhett Buttle of the Small Business Roundtable, and Brian Reardon, President

information on four key NSBA issues prioritized in conversation by the WP Delegates: • Extend Expiring Tax

JUNE 27 | This week, NSBA and TaxSpeaker hosted a roundtable webinar on an update on the Corporate Transparency

Lawmakers should act immediately to reverse this extremely problematic change to a five-year R&D amortization.

Any increase in IRS funding must be used for compliance assistance and not simply as a mechanism to target small businesses. On Nov. 16, Sens. Chuck Grassley (R-Iowa) and John Thune (R-S.D.) introduced a bill requiring the IRS to specify how it plans to utilize the $80 billion awarded to the agency under the Inflation Reduction Act. Short titled the IRS Funding Accountability Act, the bill would compel the IRS to submit a plan for the $80 billion within two months of the pending legislation becoming a law; failure to submit a plan would reduce the IRS’ funding by $10 million for every day of delinquency. The legislation specifies that the plan from the IRS must include: costs and results of the agency’s efforts to date; clearly defined objectives and timelines; detailed analyses of IRS performance; and changes in income groups subject to audit. According to Biden administration and IRS Nominee Danny Werfel – the prospective IRS Commissioner who would be subject to leading the Funding Accountability Act’s report requirements if he is appointed and the bill becomes law – the $80 billion will be spent on bolstering agency staff and improving the rate of processing returns for Americans. Despite repeated verbal assurances from the White House and IRS officials that the $80 billion will not be used to unduly pursue small-business owners, the small business community continues to insist on formalized protections. With limited time remaining in the 117th session of Congress, including time-intensive priorities for must-pass legislation, like the National Defense Authorization Act (NDAA), as well as a continuing resolution (CR) or another funding mechanism to keep the government open through the new year. Without a pathway to include the IRS Funding Accountability Act as a germane amendment to one of these packages, it is unlikely there will be capacity for the legislation to move and pass through both the Senate and House. For more information on IRS-related concerns for small-business owners, read and respond NSBA’s Action Alert. Sharing stories about how unchecked IRS resources will affect your bottom line could make the difference for the small-business community coast to coast.

.), the RECLAIM Taxpayer Funds Act, was also introduced; also failing to advance due to lack of a quorum

ceiling solution are slashes to recently authorized funds for the IRS to hire new agents among other non-taxpayer

There are serious concerns that these changes to the program will be detrimental to taxpayers and small