This is what happens…

GOP Tax Law
…when you hold hearings after you pass a sweeping change to the tax code. At today’s Ways & Means Committee hearing on the GOP tax scam, one of the GOP witnesses admitted that many tax preparers and small businesses aren’t prepared for the new law. So after Republicans jammed their bill through the House and Senate without any hearings, corporations can utilize new loopholes and save billions in profits, while the little guy is once again left behind. From the testimony of witness Zachary Mottl:
“Many large businesses have fleets of accountants and lawyers to dissect the tax law and figure out how it applies to them. They have a pretty good idea of the law’s benefits. However, small and mid-sized businesses who do not have that depth of tax talent on their bench, and often rely on outside accountants to help, probably have not yet figured out how the tax law will impact them. Many of the accountants I spoke with do not know exactly how the tax law will impact their clients. That’s because there has been a lack of guidance from the IRS thus far. So business owners, who are tax risk averse, are probably not realizing the full benefits of the tax law.