Stay tuned! Check out our latest videos, television appearances and podcasts.
NASE Voices Strong Opposition to Proposed IRS Reporting Requirements
FOR IMMEDIATE RELEASE: October 26, 2021CONTACT: Kristofer Eisenla, LUNA+EISENLA media lunaeisenlamedia .com | 202-670-5747 (mobile)
WASHINGTON, D.C. – As millions of America’s smallest businesses slowly try to recover from the economic impact of the Covid crisis, the National Association for the Self-Employed , the nation's leading advocate and resource for the self-employed and micro-businesses, today voiced it’s strong opposition to a proposed, new Internal Revenue Service (IRS) reporting requirement that would greatly impact the small business community. The rule would be costly, invade the privacy of Americans, and also add another burdensome layer of regulations unfairly targeting American small businesses.signing a letter to President Biden opposing the proposal.“I am concerned that this is an example of a broad brush policy attempting to solve a problem that needs a much more tailored approach ,” said Keith Hall , president and CEO of NASE. “This additional reporting requirement will continue to unfairly impact those businesses who are already compliant with a whole host of tax requirements, including the annual filing of their taxes. “Time is money for these small employers, and this new rule will be cumbersome to meet and impair their ability to conduct profitable business during this difficult economic climate. While we appreciate innovative approaches by the IRS to collect unpaid taxes, it will not accomplish the intended goal of recouping funds from those who are evading paying their fair share. Instead, it will have unintended consequences on the small business community.” In the letter, the over 100 trade associations’ write to the President :“The undersigned organizations representing a cross-section of business and financial interests write to reiterate our strong opposition to the new tax information reporting regime proposed by the Department of Treasury and under consideration by Congress as part of the proposed reconciliation spending package. We respectfully request that this proposal be withdrawn from further consideration, and the administration consider more targeted measures to reduce the tax gap. “Our member companies understand that this proposal is a good-faith attempt by your administration to ensure all taxpayers meet their tax obligations, and we strongly support that goal. However, our members, and the American people, believe that they have a reasonable right to privacy and this overly broad proposal to report gross annual inflows and outflows from nearly every account is disconnected from its purported narrow purpose of focusing government scrutiny on Americans with actual income above $400,000. “This week the Department of Treasury and congressional supporters finally acknowledged the program was far too expansive but, according to media reports, made only cosmetic changes by increasing the de minimis threshold to $10,000 and excluding wages and government benefits from that calculation. As we have stated in several previous letters, these changes fail to address the reality that any program based on gross annual inflows and outflows will impact Americans from all income levels. Even with the proposed exclusions of certain types of income, a large number of common and totally innocent transactions by individuals and small businesses will be captured by this new regime.” Last week, the NASE also joined the same coalition in sending a letter to Congress opposing the proposal.To speak with Keith Hall about the impact of this proposed new rule on the small business community, contact Kristofer Eisenla at kristofer@lunaeisenlamedia.com The National Association for the Self-Employed (NASE) is the nation's leading advocate and resource for the self-employed and micro-businesses, offering a broad range of benefits to help entrepreneurs succeed and to drive the continued growth of this vital segment of the American economy. The NASE Next Biz Thing helps identify and connect our nation’s smallest businesses. Need small business help? Check out NASE’s Ask the Experts for advice or the NASE Minute for small business support. The NASE is a 501(c) (6) nonprofit organization and provides big-business advantages to hundreds of thousands of micro-businesses across the United States. For more information, visit the association's website at NASE.org