Making Extenders a Reality
In the Investment News piece covering the Senate’s proposed tax extenders bill, Zerbe expressed his optimism that Congress would move on tax extenders much earlier this year, with the article stating that Congress could pass legislation as early as this fall. It would be a welcome break from prior extenders packages, which have traditionally been passed near the end of the year, right before the host of business-friendly tax provisions are set to expire. Getting extenders through earlier in the legislative cycle would provide businesses and CPAs greater certainty in their financial planning for next year.
“They want to get this done sooner rather than later,” said Dean Zerbe, managing director of alliantgroup, a national tax services firm. “The desire is to avoid the dust-up we had last year.”
A Tax Code that Works for Small Businesses
In the same vein, on July 22, Zerbe testified before the Senate Committee on Small Business and Entrepreneurship to discuss the policy changes needed to reduce the tax compliance burdens on the nation’s small and mid-sized businesses. Among his key points, Zerbe emphasized the importance of ensuring that such businesses had access to the same credits and incentives that large corporations take, thereby giving these companies the means to grow and reinvest. In the Tax Analysts article covering the committee’s hearings, Zerbe has this to say:
“Too often lost in the balloons and speeches surrounding a new tax incentive is that the tax incentive has built-in provisions that will effectively bar or limit small businesses from taking the tax benefit or that the burden of recordkeeping and compliance is so great that for a small business the tax benefit simply isn’t worth the candle,” said Zerbe.
According to Zerbe, valuable incentives such as the R&D Tax Credit (an incentive that the extenders bill would retroactively extend for two more years) must be made more readily available if the tax code is to work for all American businesses, not just largest corporations.
Tax Compliance and the IRS
In the same committee, Zerbe also addressed another problem he sees for the nation’s small and mid-sized businesses in regards to issues of tax compliance—the ongoing service issues at the IRS. Due to budget woes and a reduced workforce, the Business Journal piece discusses the ongoing customer service problems at the IRS, an issue that Zerbe feels must be addressed to lessen the burden on small and mid-sized businesses and their tax practitioners.
“Improvements in service will translate into lighter burden, less time and lower cost for small business owners to comply with the tax code—and better compliance,” said Dean Zerbe, national managing director of alliantgroup, a tax service provider for small and medium businesses.
Dean Zerbe is a key member of alliantNational, alliantgroup’s national practice, which provides subject matter expertise on complex and emerging federal, state and international tax issues as well as legislative and regulatory affairs to help businesses receive timely and precise guidance on all their tax matters. Contact us today to learn how your business can benefit from alliantgroup’s tax consulting services.