Southern West Virginia News

Congresswoman Carol Miller of West Virginia participated in a Ways and Means Committee hearing to discuss the permanence of the Trump Tax Cuts for American families, farmers, and small businesses. She emphasized the significance of reauthorizing these tax cuts permanently, citing a successful West Virginia company that benefits from the 199A small business deduction.

Miller stated, "I don’t think there is a more appropriate way to kick off the 119th Congress, and the Republican leadership [in D.C.], than to discuss the great success of the 2017 Trump Tax Cuts." She praised President Trump's understanding of business and economics and noted that Republicans have been given a mandate by voters to make these tax cuts permanent.

The congresswoman highlighted how 98.9 percent of businesses in West Virginia are small businesses and how the 199A deduction has helped them remain competitive. She referenced Michael Ervin, CEO of Coal River Coffee Company in Charleston, as an example of a business benefiting from this deduction. The company has provided raises, promotions, purchased new equipment, trained employees, and received recognition for revitalizing communities.

Miller also addressed issues with IRS’ 1099-K threshold requirements under President Biden's administration. She criticized changes made by the American Rescue Plan Act that reduced thresholds significantly, impacting those using platforms like eBay or Venmo for transactions. Her bill aims to restore previous thresholds and provide relief.

Alison Couch from Ignite Accounting shared her perspective on these challenges: "[The 1099-K] thresholds requirements are very burdensome for small business owners who already have a lot of compliance requirements that they must do on a regular basis."