Grant Thornton testifies at Small Business Subcommittee hearing

Tax Hot Topics: Grant Thornton testifiesMel Schwarz, former director of legislative affairs in Grant Thornton LLP’s Washington National Tax Office, urged members of the Small Business Subcommittee on Economic Growth, Tax, and Capital Access to lower rates and simplify incentives for small business at a hearing last week.

Schwarz explained how safe harbors could help small businesses take advantage of incentives like the research credit and Section 199 domestic production activities deduction, and he called for tax reform that would lower rates on pass-through businesses.

The hearing was conducted as part of the lead-up to the individual filing deadline on April 18 and included testimony supporting the Mobile Workforce State Income Tax Simplification Act.

Watch the video of the hearing online to see the testimony of Schwarz and others.

Tax professional standards statement
This content supports Grant Thornton LLP’s marketing of professional services and is not written tax advice directed at the particular facts and circumstances of any person. If you are interested in the topics presented herein, we encourage you to contact us or an independent tax professional to discuss their potential application to your particular situation. Nothing herein shall be construed as imposing a limitation on any person from disclosing the tax treatment or tax structure of any matter addressed herein. To the extent this content may be considered to contain written tax advice, any written advice contained in, forwarded with or attached to this content is not intended by Grant Thornton LLP to be used, and cannot be used, by any person for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.

The information contained herein is general in nature and is based on authorities that are subject to change. It is not, and should not be construed as, accounting, legal or tax advice provided by Grant Thornton LLP to the reader. This material may not be applicable to, or suitable for, the reader’s specific circumstances or needs and may require consideration of tax and nontax factors not described herein. Contact Grant Thornton LLP or other tax professionals prior to taking any action based upon this information. Changes in tax laws or other factors could affect, on a prospective or retroactive basis, the information contained herein; Grant Thornton LLP assumes no obligation to inform the reader of any such changes. All references to “Section,” “Sec.,” or “§” refer to the Internal Revenue Code of 1986, as amended.