Small businesses continue to face significant headwinds, including high energy costs, inflation, workforce shortages, increasing regulatory burdens, and tax uncertainty from the expiration of Tax Cuts and Jobs Act (TCJA) provisions, most notably the small business deduction (199A). On January 1, 2024, one of the most expansive small business regulations in history went into effect. This beneficial ownership reporting requirement will require 32.6 million small businesses to report ownership information to the Financial Crimes Enforcement Network (FinCEN). Additionally, small businesses face a massive tax increase at the end of 2025. Congress must pass the Main Street Tax Certainty Act to provide tax certainty to pass-through businesses across the country.
Bio: Josh McLeod is Director of Federal Government Relations at NFIB, the nation’s leading small business advocacy organization. In this role, Josh oversees the organization’s regulatory portfolio. Josh came to NFIB after spending nearly 12 years in the U.S. Senate, working for Senator Ron Johnson. Josh graduated from Widener University in Pennsylvania and lives in Virginia with his wife and three children.