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Small‑business owners, accountants urge Congress to keep 199A and expensing as deadline looms
Summary
Accountants, small‑business owners and manufacturers told the Ways and Means Committee that the 20% qualified business income deduction and expensing rules are central to hiring and investment decisions, and urged Congress to avoid abrupt expirations.
Small‑business owners, accountants and manufacturing executives testified that the section 199A pass‑through deduction and TCJA expensing rules have been important to investment, payroll and succession planning.
Michelle Gallagher, a CPA who works with family businesses and farms, told the committee her phone had been “ringing off the hook” with clients seeking scenarios and forecasts and said “permanency, certainty and…
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