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Small Business Group Releases Tax Survey
Apr 12, 2011, 08:31 AM
Read our article, 'Small Business Group Releases Tax Survey' at 'Time to Start Up,' the small business blog by BizFilings.
The National Small Business Association, a nonpartisan small business advocacy group, released the 2011 Small Business Taxation Survey Monday, finding the overly complex or bloated U.S. tax code may be hindering growth and productivity throughout the sector.
According to the report, 63 percent of respondents believe the new W2 reporting requirement - a regulation that requires businesses to declare their spending on healthcare - will have a detrimental impact on their businesses.
Additionally, 44 percent of small businesses reported that they use external companies to handle their payroll taxes, which was deemed the most burdensome by the majority of respondents.
"The time for a serious debate on broad tax reform is now. The ever-growing patchwork of credits, deductions, tax hikes and sunset dates is a roller coaster ride without the slightest indication of what's around the next corner," said NSBA President Todd McCracken.
But despite, the difficulties many small businesses may be facing on the tax front, the economy's marked improvement in recent months suggests the sector may soon face a substantial recovery.
For example, entrepreneurial activity, business filings, small business lending and hiring and even exports have all shown improvements in recent weeks.