Tag Archives: tax policy

Filing Frenzy: Tax Deadline Strikes Today

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By: Jake Clabaugh, WIPP Government Relations

Tax Day is upon us and woman business owners have been working overtime. Not on growing their firms, planning investments or making important hiring decisions, but on tax compliance. At least, that’s according the House Small Business Committee, which took a look at the burdensome tax.

Forgetting tax liability – the amount a business owes – the Committee focused on how difficult it is for small businesses to satisfactorily comply with dense tax rules. According to the Small Business Administration (SBA), small businesses spend 5.5 billion hours preparing and filing taxes – time that should be spent growing the business. The costs and complexity of calculating tax provisions makes it difficult for smaller businesses to take advantage of incentives designed to reward investment. As a result, larger businesses that can incur the costs of calculation reap the rewards.

As we’ve heard from WIPP members across the country, tax certainty is a top priority. Clarity on what provisions and incentives will be enacted would provide businesses with the ability to plan ahead, rather than adjust to a changing environment. For the last few years, Congress has passed legislation solely for “tax extenders” – deductions and credits that were set to expire at the end of the previous year, but were extended to cover the current tax year. While many of these credits could provide some relief for small businesses, firms spent the entire year without knowing if these provisions would be available. Hardly an efficient way to have to run your business.

A simpler tax code would reduce compliance time and allow owners to focus on their business – not the latest tax rules. Also, small businesses should be able to take advantage of the same incentives that larger businesses can. WIPP will continue to focus our advocacy on the two guiding principles of simplicity and fairness for women-owned businesses.

Could comprehensive reform – not seen since the 1980’s – be on the horizon? House Ways and Means Committee Chair Kevin Brady (R-TX) announced last week that his Committee is planning to release a tax-reform “blueprint” this summer. Additionally, Members of the House and Senate have stirred over international tax reform in the wake of recent corporate mergers. While the conversations are ongoing, comprehensive tax reform in an election year, with an ardently divided Congress seems, at least in our view, unlikely.

For updates on tax policy and other finance issues, please visit WIPP’s Economy and Tax section and WIPP’s Economic Blueprint.

 

 

WIPP Works in Washington: Primary Thoughts on the 2016 Election

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By Ann Sullivan, WIPP Government Relations

Does anyone else think the 2016 Presidential election has been going for ages?  It sure seems like that to me, but admittedly, it has been one of the most entertaining primaries in recent history.  The 24-hour news cycle has kept us up to the minute with every speech, gaff, or barb traded by the candidates. We’ve seen our fair share of debates, roundtables and town halls while watching almost daily polls track the candidates as their support rises and falls. Luckily, today is when the rubber meets the road – at least in Iowa – where Iowans will caucus for their primary candidates. As the 2016 Presidential election ramps up, so too will WIPP’s advocacy efforts. Why? Because we are not cynical about democracy and the process necessary to achieve it. We believe engagement is the mechanism by which to change the trajectory of our country’s future.

WIPP has made addressing the needs of women entrepreneurs a top priority for elected officials and our advocacy has resulted in successes for women business owners. Just look to 2015 for proof that women business owners have a seat at the table. We worked for implementation of sole source authority for the Women-Owned Small Business (WOSB) Procurement Program– a tremendous step forward for women-owned businesses seeking to win federal contracts.  The Senate Small Business Committee passed the first reauthorization for the Women’s Business Center (WBC) program in nearly a decade, which provides important business support to women entrepreneurs. These are just two of the many policy victories for women entrepreneurs last year.

To ensure that we keep up that momentum and women entrepreneurs remain a top priority for our elected officials, WIPP has launched WE Decide 2016. This collaboration with Personal BlackBox (PBB) will engage women entrepreneurs seeking to affect the issues candidates discuss throughout the 2016 Election.  Ten million woman business owners, if active, are in a position to influence the direction of economic policy positions.  According to the National Women’s Business Council (NWBC), women-owned businesses are an economic force, contributing nearly $1.6 trillion to the annually to the US economy. The WE Decide 2016 platform seeks to engage all women business owners and associations whose members are women entrepreneurs, not just WIPP members. When women come together to share their views about the future of this country, they don’t need to be caucusing in Iowa or attending town halls in New Hampshire.  The platform will be polling women business owners on economic issues, such as access to capital, access to federal markets, tax policy and providing healthcare to employees, to mention a few topics that affect us daily.

As the primary results come in and we move on to the New Hampshire primary next week and the South Carolina primary on February 20, know that through WE Decide 2016, we have a unique opportunity to engage the voices of ten million women business owners. We certainly don’t need to agree on every issue, but I, for one, think women business owners may not necessarily possess the same views on issues that the national polls indicate.  So, lean in and let’s see the results of our engagement.  I can’t wait to see the impact all of us together can have in November.