Laws & Legislation


03 13 2013

03 13 2013

Survey: Small Business Owners Vexed by Tax Code, Want Overhaul

There are few things in life as certain as death and taxes – one of them being the difficulty small business owners often face when filing taxes. The challenges and grievances entrepreneurs have with the U.S. tax code were recently profiled in a survey by the National Federation of Independent Businesses (NFIB). In it, small business owners voiced their displeasure with the bureaucracy surrounding the American tax code and expressed hope for reform in the future.

Small business owners look elsewhere for tax help, not optimistic on Congressional action

Overall, of the 1,218 small business owners that responded, 85 percent either agreed or strongly agreed that there needs to be a fundamental revamping of the federal tax system within the next year.

Reducing the general complexity associated with the tax code was among the focal points of the reform small business owners advocated for; 52 percent said simplifying the tax code as a whole should be the priority. Other changes on small-business owners’ wish lists: 45 percent identified repeal of the estate and gift tax, 25 percent wanted full expensing of all business equipment and real property, another 25 percent called for no new net tax increases, 20 percent wished for repeal of the alternative minimum tax (AMT) and 12 percent wanted the double tax on corporate dividends to be eliminated.

The most common challenges encountered by entrepreneurs in regard to the tax system were inconsistent and distorted deductions, credits, and exclusions (47 percent), and compliance made more difficult by constant changes (41 percent).

Such compliance-related obstacles were also found to cost small business owners money: 91 percent reported they pay professional tax preparers because they had given up on achieving compliance through their own means.

“This survey clearly shows that small business owners believe the tax code is too complicated, too politically motivated, and inconsistent,” said Chris Whitcomb, NFIB tax counsel. “It is no wonder that more than half of small businesses believe that simplifying the tax code should be a top priority.”

Despite the pervasive call to action voiced by small business owners on the subject of tax code reform, not many felt any approach to rectifying the situation would result in substantive and lasting changes: 55 percent agreed or strongly agreed with the sentiment that fundamental tax change would not result in less complexity.

The problems many entrepreneurs face when filing for taxes is that it costs them money, with the vast majority settling for paying tax preparers to handle their finances. However, such a strategy can put some firms at risk of a cash flow crisis. In that case, small business owners can turn to National Funding for a merchant cash advance to alleviate some stress about taxes.

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Any applications submitted electronically shall have the same force and effect as if the application bore an inked original signature(s). The above information, together with any accompanying financial statements, schedules, or other materials, is submitted for the purpose of obtaining credit and is warranted to be true, correct, and complete.


US Patriot Act:

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person and business that seeks a business loan.  What this means for you: When you apply for a loan, we will ask for your business name, address, and Tax Identification Number.  We will also ask for your name, address, date of birth, and other information that will allow us to identify you.  We may also ask to see your driver’s license or other identifying documents.


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The Merchant and Owner(s)/Officer(s) identified in the application (individually, an “Applicant”) each represents, acknowledges and agrees that (1) all information and documents provided to National Funding, Inc. (“NF”) including credit card processor statements are true, accurate and complete, (2) Applicant will immediately notify NF of any change in such information or financial condition, (3) Applicant authorizes NF to disclose all information and documents that NF may obtain including credit reports to other persons or entities (collectively, “Assignees”) that may be involved with or acquire commercial loans having daily repayment features and/or Merchant Cash Advance transactions, including without limitation the application therefor (collectively, “Transactions”) and each Assignee is authorized to use such information and documents, and share such information and documents with other Assignees, in connection with potential Transactions, (4) each Assignee will rely upon the accuracy and completeness of such information and documents, (5) NF, Assignees, and each of their representatives, successors, assigns and designees (collectively, “Recipients”) are authorized to request and receive any investigative reports, credit reports, statements from creditors or financial institutions, verification of information, or any other information that a Recipient deems necessary, (6) Applicant waives and releases any claims against Recipients and any information-providers arising from any act or omission relating to the requesting, receiving or release of information, and (7) each Owner/Officer represents that he or she is authorized to sign this form on behalf of Merchant.(8) I consent to receive direct mail, faxes, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (9) this request is for business and not for consumer purposes.


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I hereby certify: (1) the information provided is true and correct, (2) you are hereby authorized to investigate all bank, credit, and trade references, and said references are hereby authorized to release any requested information to you or your nominee, (3) such authorization shall extend to obtaining personal credit profile in considering this application and subsequently for the purposes of update, renewal or extension of such credit or additional credit and for reviewing or collecting the resulting account, (4) this information may be transmitted by us to you and by you to underwriter(s) for the purpose of granting me credit, either electronically or manually, and that by submitting this application, I take full responsibility for transmission thereof, (5) I am over 18 years of age, (6) I acknowledge my rights under the Fair Credit Reporting Act, (7) I consent to receive direct mail, faxes, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (8) this request is for business and not for consumer purposes.

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