With the East Coast earthquakes, a total solar eclipse, and trillions of cicadas about to join us aboveground, it’s easy to forget that Congress is stuck on a tax bill that would renew corporate tax breaks from former President Trump’s Tax Cuts and Jobs Act (TCJA).

Catherine Schultz, VP of tax and fiscal policy at the Business Roundtable, an association of CEOs, has not forgotten. She recently spoke to CFO Brew about why the organization is pushing for the bill, President Biden’s proposals to raise corporate taxes, and whether the US will adopt the OECD’s global tax agreement.

This interview has been edited for length and clarity.

You said that passing the Tax Relief for American Families and Workers Act (TRAFWA) is your top priority because it renews three parts of the 2017 Tax Cuts and Jobs Act. What are they?

Beginning January 1, 2022, R&D moved from full expensing to five-year amortization. We want to go back to full expensing as is written in the tax extender package.

Interest deductibility [under the TCJA had] an EBITDA formula that beginning January 1, 2022, went to EBIT, and depreciation and amortization fell away. The tax extender package takes that back to the EBITDA standard.

Full expensing [of investments in new equipment and technology] started to phase out at the end of 2023 at 20% a year. It completely phases out at the beginning of 2026. [Under TRAFWA, it] goes back to 100%.

Click here to read more about corporate taxes in 2024.—GD

Picture this: You’ve prioritized your employees’ mental health and made huge organizational strides, but your org isn’t—ya know—perfect. So there’s still room for improvement and better support.

Employees also keep evolving, and benefits and workplace culture should change alongside them. Enter Calm’s 2024 Voice of the Workplace Report. It’s filled with insights about employee mental health—and how you can support your team.

Dig into feedback directly from employees, including:

• the challenges facing specific populations
• five key trends in employee mental health and how benefits leaders are responding
• practical, actionable recs to improve workforce mental health

Get the full report here.

As eternal optimists, we hate to admit it, but every now and then, the glass-half-empties of the world get to point an accusatory “we told you so” finger our way.

Case in point: The latest disappointing small business optimism report.

Small business confidence hit its lowest level since 2012, according to a March National Federation of Independent Business (NFIB) report. That marks the 27th month in a row that the small business optimism index has dipped below 98, the 50-year average, according to the NFIB.

The primary culprit behind this growing pessimism? Inflation, according to the quarter of respondents who dubbed it their “single most important problem.”

“Inflation has once again been reported as the top business problem on Main Street and the labor market has only eased slightly,” NFIB chief economist Bill Dunkelberg said in a statement, adding that small business owners continue to “manage numerous economic headwinds.”

For more on small business sentiment, click here.—NP

Sandeep Aujla became CFO of Intuit in 2023. Previously, he was senior vice president, finance, at its small business and self-employed group and technology organization. He spoke with CFO Brew about taking on the role and the great potential he sees in the small business market.

This interview has been edited for length and clarity.

You have a really ambitious forecast for the next few years, especially in the small business area. What underpins your confidence in this forecast?

One of the reasons I came to Intuit is the potential I saw in small business. When I [started] it was mostly a QuickBooks business. And we wanted to make it the ecosystem because that’s where the revenue pool really is. Two trillion invoices get recorded on QuickBooks, and we run about $150+ billion in payment volume. I see untapped opportunity for us to electronify those invoices.

We have historically focused on the smaller customers, those with zero to 10 employees. We are moving midmarket, and currently we define midmarket as 11 to 100 employees. And that comes with much more accounting revenue because you have multiple entities. We get to run their payroll and they, by definition, have lots more employees than a small business. So that’s revenue upside.

Click here to continue reading our interview with Intuit’s CFO.—CV

Nothing taxing about a $200 gift card. A stress-free tax season is possible, folks, and BILL Spend & Expense can explain how. Take a demo to learn how your biz can automate expense reports + get up to 2.25% cash back, and BILL will gift you a $200 Delta gift card. Post-tax-season vacay, anyone?

We're excited to announce that Nicolette Turner, CFO of Headspace, will be speaking at our upcoming CFO event. Nicolette will share insights on the evolving role of finance leaders and the skills needed to prepare for the future. Other industry leaders will join her to discuss new responsibilities beyond traditional financial management. They will share how integrating AI, automation, and other emerging technologies affects financial workflows and insights on identifying team skill gaps. Grab your ticket now and join us in New York! Register now.