Bradenton accountant Stam Stathis urged a congressional subcommittee Thursday to simplify the current tax system, which he says is hurting small business.
Stathis, an accountant with CPA Associates in Bradenton, addressed the House Small Business Subcommittee on Finance and Tax about several issues he sees in the tax code.
Stathis told the subcommittee record keeping needs to be less “burdensome,” health insurance deductions need to be allowed on a business schedule, and small businesses should have incentives.
“Small businesses face a very complex (tax code), and most small businessman are not trained or educated in the intricacies of it,” Stathis said.
Congressman Vern Buchanan, R-Sarasota, invited Stathis to speak before the subcommittee to back him on re-examining the tax system.
“Small businesses are grappling with complicated tax provisions,” Buchanan said. “Compliance is tedious and expensive. They deserve better — especially in the current economy. Small businesses are our biggest job creators. We should make it easier for entrepreneurs to start and grow their companies by simplifying the tax code.”
The way the system works now, many small business owners need to rely on professionals to ensure they’re properly following tax rules, Stathis said.
“These small businesses can’t afford to maintain confident advisers,” he said. “They’re basically starting businesses on shoestrings. Entrepreneurs don’t start with a lot of money. They start with an idea.”
As the vice chairman of the subcommittee, Buchanan said he invited Stathis because he considers him an expert in small business financial planning and consulting.
“Working with many small businesses, he is in a position to talk to the committee about the intricacies of the tax code and their impact on small business,” Buchanan said.
The subcommittee will take the next five days to submit reports and comments to the chairman. From there, recommendations on the tax system will be forwarded to a full committee for debate.
Disclaimer: Story comments are intended to provide a place for constructive dialog about issues and events in our community. Your input is encouraged and can make a positive difference. To achieve this, no obscenity, personal attacks, or racial slurs are tolerated. Users brought to our attention for violating our terms of use will be blocked from commenting permanently and without notice. Please help keep the comments on topic by flagging objectionable material and remember that children and young adults may be reading your comments. With freedom of speech comes the responsibility to be respectful of others.
Email Story
Printer Friendly 
Quick Job Search
@Nyx.replyAnswerText@