Small Business Growth Stifled by IRS Tax Uncertainty
ABUSE OF THE WEEK
ABUSE OF THE WEEK
ABUSE OF THE WEEK ABUSE OF THE WEEK
“This report confirms what entrepreneurs and small business owners have been telling us for years: tax enforcement uncertainty and related complexity are a major burden on their businesses, undermining growth and investment.”
- SBE Council president & CEO Karen Kerrigan
This week, AIA highlights a new report from the Small Business & Entrepreneurship Council (SBE Council) detailing how IRS tax enforcement uncertainty stifles small business growth, investment, and job creation.
Key findings from the report include:
Reducing tax enforcement uncertainty would increase private sector investment by up to $118.8 billion annually.
Company revenues would grow by as much as $1.4 trillion annually.
Employment would rise by up to 4.3 million jobs per year.
Businesses would save up to $8.8 billion annually in tax compliance costs.
Small businesses are disproportionately affected:
71% of small firms say tax enforcement uncertainty hurts their ability to compete with larger companies.
57% spend at least 9% of their annual revenue on tax compliance.
35% avoid claiming legitimate tax credits or incentives over fear of IRS scrutiny.
The IRS has become a threat to the well-being of small businesses, and it cannot continue.
Read the full report here.
If you, or someone you know, have experienced a specific IRS abuse and wish to flag the instance for potential inclusion in future Abuses of the Week, contact us with the details at the following email: info@irsaccountability.org.