In a survey conducted by the National Association for the Self-Employed (NASE), 83% of small business respondents felt that they did not fully understand the impact of the new tax law. In addition over 90% “feel the government didn’t do enough to prepare small businesses for the changes.”
With such a high rate of confusion, I decided to take a look at the Small Business Administration (SBA) for answers. After all, this is the official US government wing created to support small businesses.
Unfortunately my findings all but confirmed the high number of small business owners not understanding the new law. When searching the website, the most I could find was a short press release where the SBA Administrator mentioned how much of a positive the new tax law would be. Outside of that there was nothing.
Really go and visit www.sba.gov and click on the search button for any information on it (as of 4.28.18). No explanation, and not even a link to find out more about the tax law and how it affects small business. An oversight maybe, but a very bad one if that is the case. There is no wonder why 80% of small business owners have never visited their local office.
The SBA has always struggled with connecting with it’s constituents and it only seems to get worse as the years go on. While this time of oversight won’t benefit or hurt the administration in the polls, this is still a blight on the government as a whole. This is not be mistaken with polls that have showed many small business owners support the tax breaks….this just shows that many people, don’t understand exactly how to gain the most benefits from them.