The Journal of Accountancy reported Jeffrey Porter’s address to House Subcommittee last Thursday in Washington. His message: Congress must reach an agreement on expiring tax provisions as soon as possible.In a hearing titled “Adding to Uncertainty: Small Businesses’ Perspectives on the Tax Cliff” the subcommittee part of the U.S. House of Representatives Committee on Small Business heard from witnesses representing Women Construction Owners and Executives USA the North American Die Casting Association and the Tax Foundation as well as the AICPA.
One goal of the hearing was to examine how the scheduled expiration of the lower tax rates enacted in 2001 and 2003 is affecting small businesses’ decision-making. Another goal was to hear small businesses’ views on the Obama administration’s proposal to let the current top two tax rates expire (and increase) for taxpayers with income over $200000 a year ($250000 for married taxpayers filing jointly).
Porter addressed the impact of tax uncertainty in several areas and made recommendations on behalf of the AICPA for alleviating some of that uncertainty. He emphasized the difficulties businesses are having in planning for the future when income tax rates capital gains tax rates the tax rate for qualified dividends and the availability of various deductions credits and exemptions are all uncertain. “Multi-year planning and the ability to predict (or at least estimate) business profits and taxes are critical in operating a business”
Here are the topics he addressed in his speech. Click here to read the details of each.
- Estate gift and GST tax
- Tax extenders
- Tax administration
If you have a small business in Louisville and have questions regarding this matter contact Lindemeyer CPA.