In the countdown to the nation’s fall over the edge of the fiscal cliff, small business advisors and advocates are imploring Congress and President Obama to come together.
While many small business owners remain paralyzed with uncertainty about 2013 budgeting, others are taking action. Based on the assumption that Congress will not reach an agreement in time to avoid the cliff, about half of business owners are making changes to prepare for higher tax rates next year, according to results of a survey conducted by financial information company, Sageworks.
The survey conducted between December 12-18 collected online responses from 164 Sageworks clients, who are accountants and business advisors to privately held businesses. The responses reflect what those professionals hear from those they advise:
- More than half of accountants surveyed said their business clients were making changes in their companies in response to fiscal cliff uncertainty.
- Almost 30 percent said their business clients