NFIB Illinois recently held a virtual webinar with Director of Federal Government Relations Josh McLeod about the 20% Small Business Tax Deduction and Beneficial Ownership Reporting/FINCEN.
All small business owners must take action NOW to avoid the elimination of the 20% small business tax deduction when it expires in 2025. NFIB is working hard to ensure these tax cuts are made permanent.
Here’s how you can get involved:
- If you haven’t already, please sign the petition! The link is here: Small Business Advocacy—Take Action Now! | NFIB.
- Once you have signed the petition, make sure that your member of Congress is aware of how this tax deduction has impacted your business but, more importantly, how it would affect your business if it were to expire: https://www.nfib.com/advocacy/now/?vvsrc=%2fcampaigns%2f106664%2frespond.
Another issue NFIB is focused on is Beneficial Ownership, which calls for every business in the U.S. with 20 employees or less to register with FINCEN before 12/31/24. The NFIB federal team is working to inform Congress of the consequences of this mandate. Additionally, the Small Business Legal Center has filed suit to halt its implementation.
You can also take action by sending a message to your member of Congress: Small Business Advocacy – Take Action Now! | NFIB.
Please contact Grassroots Manager Liz Roe at [email protected] if you have any questions about the recent webinar.
