Posted by Kristin Oberlander - Small businesses realized $7 billion in first-year cost savings and $745 million in annually recurring savings as a result of fiscal year (FY) 2009 efforts to help agencies comply with the Regulatory Flexibility Act (RFA). The law requires agencies to review the economic impacts of proposed regulations on small entities and consider less burdensome alternatives. The figures are reported in the FY 2009 edition of the Office of Advocacy’s annual Report on the Regulatory Flexibility Act.
In FY 2009, Advocacy reviewed hundreds of regulations to assess RFA compliance, convened numerous roundtables to solicit the priorities and comments of small entity stakeholders, and submitted more than 30 public comment letters to federal agencies on regulatory proposals.
The NASE partnered with the Office of Advocacy to place the Home Office Deduction on the Top 10 list of business regulations in need of reform for the self-employed. Currently, there are two bills pending before Congress to offer an optional standard home office deduction with the hope that such a deduction would encourage more eligible micro-businesses to take it.
Find out more about the study by visiting the Office of Advocacy. For information on the NASE's work for tax simplification, click here.