The tax reforms seem to be in the favour of small US businesses this year, however the savings are not being invested into recruitment leaving many job seekers in the dark.
Despite all of the press around small refunds and other issues with the 2017 tax reform legislation- many small US businesses have been pleasantly surprised by the tax seasons turnout. Over 50% of small businesses who took part in a study conducted by Right Networks said that their tax season was either streamlines or satisfying with only 8% stating that it was disappointing.
97% of the satisfied and very satisfied tax filers related this to their accountants knowledge of the new tax rules and 68% said that their CPA correctly anticipated the impact of the tax changed on their taxes.
The Right Network survey further found that small companies will being using their refund in two major ways: buy inventory and capital good or just save the money. This is not what any job seekers want to hear, with investment in hiring from small businesses as having a reputation for being erratic, in decline or non-existent. Even though job openings are at an all time high- the hiring process is much different, with companies claiming to find difficulty sourcing skilled workers.