A hellish tax season is just around the corner for small businesses that received aid through the CARES Act.
“The provisions of the CARES Act are all helpful for small businesses, but they will complicate tax planning efforts for the next couple of years,” said Holly Wade, director of research and policy analysis for the National Federation of Independent Business.
Heading into the winter, half of small business owners are still in survival mode but they are beginning to understand how challenging tax compliance will be next year, said Tom Sullivan, vice president, small business policy at the U.S. Chamber of Commerce.
