Small Business Issues

Small business employers, like other types of employers, choose to offer benefits to their employees as a way to attract and retain talent. Many small business plan sponsors want to continue offering a variety of benefits but have their own unique issues when choosing to do so.

The Chamber is committed to decreasing the burdens on small business plan sponsors by supporting the following:

• Tax Penalties Under Code Section 6707—urge Congress to pass legislation allowing the Treasury secretary to not impose a penalty for failure to disclose reportable transactions when there is reasonable cause for such failure. More than a half dozen of the reportable transactions involve employee benefit plans used by small businesses.
• Interim Amendments—work with the IRS and Treasury to decrease the burden on small plan sponsors caused by the interim amendment requirements.
• Code Section 409A —urge Congress to amend Code Section 409A to limit the negative impact on small businesses.