Raymond M. Nowicki, CPA testified before national representatives of the Small Business Administration's Office of the National Ombudsman, the IRS Taxpayer Advocate and other federal agencies at a regional forum in Albany, New York on September 26, 2003.
The forum, sponsored by the U.S. Small Business Administration (SBA) and the New York State Small Business Development Centers (NYSSBDC), was conducted for the purpose of identifying problems encountered by small businesses regarding federal and state legislation and regulations.
Several small business owners testified on problems encountered by their businesses in dealing with Department of Transportation and Environmental Protection Agency regulations. Nowicki's testimony offered recommendations to streamline reporting and taxation guidelines in the areas of small business pensions, the benefits of small businesses having a fiscal year other than December 31, and potential revisions in payroll tax and income areas. Nowicki argued that small start-up businesses with significant seasonal swings do not have the money available to research and adequately consider opportunities of a fiscal year that fits their normal operating cycles. He proposed a more liberal alternative for small startups to automatically pick a fiscal year befitting their cyclical needs in the first 5 years, coupled with a voluntary payment of an estimated tax deposit after the fifth year, in a manner similar to existing regulations. Nowicki argued that an election of a fiscal year would give the small business a chance to manage its limited resources of time and money more effectively, and to allow it access to more professional time from CPAs and tax advisors outside of the traditional busy season of January through April. He explained that the concept would also be beneficial to the IRS and other tax reporting agencies, because it could reduce their workload compression and the corresponding increase in errors in reporting during the hectic 4 month period. While the federal government had previously considered and denied such requests for fiscal year reform in the past, members of the IRS and SBA advocacy group were anxious to pursue the "systemic opportunities" offered in Nowicki's proposals.
Other participants in the program included Peter Sorum, of the SBA Small Business Advocate's Office, W. Timothy Howes, Chair of the Region 2 Small Business Regulatory Fairness Advisory Board, James King, Excutive Director of the New York State Small Business Development Centers and Georgeann Bailey of the IRS Taxpayer Advocates Office.
Nowicki is the managing partner of Nowicki and Company, LLP , a CPA/Consulting firm in Buffalo, New York. He is also Chair of the New York State Small Business Development Center Advisory Board and a Vice President of the New York State Society of CPAs.
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