New York SBDC Research Network

Because of a Republican-held Congress, and the new Trump administration, there has been talk on a new tax reform. In fact, according to Steven Mnuchin , Trump's [now confirmed] pick to head the Treasury department[now confirmed],that there will be   two comprehensive tax reform plans under this administration. But how will all this affect small business?  President Trump has repeatedly said that he will cut corporate taxes down to 15%. But most small businesses are in the form of S-corps- partnerships and limited liability corporations (LLC). In response to this, the two plans propose three tax brackets- 12%,25%,and 33%. And to repeal the Net Investment Income Tax (NIIT)- which, according to the IRS , "   applies at a rate of 3.8% to certain net investment income of individuals, estates and trusts that have income above the statutory threshold amounts." With the Trump plan,businesses will be able to elect a max rate for business income at 15%. "The Blueprint&quo

I've received a couple of requests in the last month that were looking for a listing of the current issues that concern small business owners. These are typically the legislative agenda items for such groups as the National Federation of Independent Businesses or the National Association of Women Business Owners. Related to those is the current " Top 10 List of Current Rules for Review and Reform ," published each March by SBA's Office of Advocacy . According to their most recent issue of The Small Business Advocate , the list was drawn from over 80 rules nominated by small business owners as those whose reform or removal would be most beneficial. As you'll see, all of these items concern current requirements as mandated by Federal agencies. Some are very industry-specific (e.g., EPA should revise outdated or inaccurate testing requirements for dry cleaners), while others have a much broader (and larger) target audience (such as the request that the IRS simplif