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NASE Members Don’t Understand New Law and Feel Inadequately Prepared
As President Trump and congressional Republicans travel around the country touting the impact of the tax reform package enacted last year, the National Association for the Self-Employed (NASE), released new data gauging the impact the tax reform law is having on small business owners’ days after making their first 2018 quarterly tax estimate payments.
“It is crystal clear from our survey that an overwhelming number of small business owners and self-employed Americans still don’t understand how to make this new tax law work for them,” said Keith Hall, President and CEO of NASE. “The tax reform package signed into law last year is based on Americans reinvesting savings back into their business operations and helping to spur overall economic growth. Small business owners must first have a full understanding of how this new tax law will impact their bottom line.
Unfortunately, over 83 percent of respondents still don’t understand the impact the new law will have on their businesses and over 90 percent think the government didn’t adequately prepare them for the system.”
The survey was conducted online in the month leading-up to the recent April 17th tax filing deadline, with 389 respondents from across the country. An overview of the results from the survey include:
- An overwhelming 83 percent did not have a complete understanding of the impact the new tax reform law would have on their business.
- Over 90 percent of respondents felt the government did not adequately prepare them for the new tax system.
- Survey takers were split on if they expected to pay MORE or LESS in overall taxes in 2018.
- Almost 60 percent of those who took the survey responded they felt their taxes would be more difficult to complete in 2018 because of the new tax law.
- Over 90 percent indicated the government can still take additional measures to ease the tax burden.
“The small business community is rapidly trying to educate themselves on how to make the new tax policies translate into savings and growth. However, additional IRS guidance is necessary and the government can take additional steps to effectively communicate the impact of these new laws on millions of small business owners in every city and state throughout the country.” Hall concluded.
NASE continues to work with officials at the Department of Treasury and Internal Revenue Service (IRS) to expedite the rulemaking process in order for there to be clarity for small business owners as to how the tax reform legislation impacts them and their
businesses.