One year on from the Tax Cuts and Jobs Act, QuickBooks Payroll surveyed 600 small business owners, accountants, and bookkeepers throughout the U.S to find out how they have responded to tax reform and whether, as a cohort, they share any common tax challenges*. To put the data in context, QuickBooks also caught up with three leading experts during a special webinar on the topic of taxes and tax reform:
- Eric L. Green, an attorney with Green & Sklarz who represents taxpayers before the IRS, the Department of Justice Tax Division, and state departments of revenue.
- Beverly Lang, who offers more than 20 years assisting business owners, managers, and bookkeepers with their accounting and bookkeeping.
- David Williams, Intuit’s Chief Tax Officer.
Money and taxes are major challenges for small businesses
The survey revealed the top three challenges among the small businesses surveyed are taxes, cash flow, and payroll. More than 1 in 5 (22%) added that IRS guidance and resources aren’t created with small businesses in mind.
Top small business challenges, according to survey respondents