Raymond Huff, the President of HJB Convenience Corporation, testified before the House Small Business Committee about the challenges of navigating the complex U.S. tax code. He highlighted the difficulties and expenses associated with tax compliance that small business owners face firsthand. During his testimony, Huff emphasized the importance of hiring a CPA firm to help businesses navigate ever-changing tax codes, while also expressing concerns about the financial burden placed on small business owners who often pay over $1,000 annually for professional tax preparation services.
Small business owners and experts echoed Huff’s concerns, urging Congress to pass legislation that supports small business success while closing loopholes and ensuring fair tax rates for all individuals. The committee also discussed the impact of the 2017 Tax Cuts and Jobs Act (TCJA), which provided relief to small businesses but many of these tax breaks are set to expire unless Congress takes action to extend them.
Huff emphasized the importance of these provisions for his business and urged lawmakers not to jeopardize the progress made by imposing significant tax increases. Although the House passed a bipartisan bill to extend the small business tax breaks, the legislation remains stagnant in the Senate, leaving small business owners like Huff anxiously waiting for Congress to take action to support their businesses and ensure a fair and manageable tax system that fosters growth and success.
