Tax Breaks for Job Creation: Accounting Vanguard and NACVA CEO Offers Economic Stimulus Proposal

Parnell Black, one of the Top 100 Most Influential People in Accounting (Accounting Today), has proposed a plan that would allow businesses tax deductions for new hires in an effort to stimulate the economy and reduce joblessness.

Contact: Andrea Isom
(801) 486-0600, andreai@nacva.com

Salt Lake City- Parnell Black, MBA, CPA, CVA and CEO of The National Association of Certified Valuation Analysts, a global, professional association that supports the business valuation and litigation consulting disciplines within the CPA, financial advisory, and investment banking communities, has outlined a straightforward, proposal addressing unemployment, tax relief for small businesses and stimulation for the stagnant economy.

Mr. Black believes companies that increase their number of employees in 2003, should qualify for a tax deduction equal to 50 percent more than the cost of employment for up to two tax years for up to 10-percent of the existing work force (i.e., for a company with 30 employees, a company could take the deduction for three new hires).
Small businesses employ a great share of the American workforce and allowing an investment in human capital, not only makes financial sense on both a macro and micro scale-its simply the right thing to do," Mr. Black says. Any economic stimulus package should foster investment in human resources."

As CEO of NACVA, a professional association supporting business valuation and litigation-consulting disciplines within the CPA, financial advisory, and investment banking communities; one of Accounting Todays Top 100 Most Influential People in Accounting; and the owner of a prosperous small business, Mr. Black has a rich pool of knowledge, research and practical experience on which to draw.

My small business did well in 2002 despite the struggling economy because our staff stretched themselves to their limits, working harder than ever before," he observes. Yet, in the current climate, I am reluctant to hire because the increased productivity may not be sufficient to recoup hiring costs."

In addition, Mr. Blacks non-partisan proposal addresses the six most common criticisms to President Bushs proposed $600-billion tax cut, including its disputed ability to bolster spending, to address serious budget-deficit concerns, and to refute criticisms that it favors the wealthy at the expense of the middle and working classes.

I will acknowledge, my plan has its roots in selfish desires for my business and myself, but I am sure millions of other small-business owners feel the same way," Mr. Black concludes. Society, along with many of our elected leaders, has a propensity to believe big results can only come from complex plans, which begs the question, why hasnt such a simple idea already been put forth?"

The National Association of Certified Valuation Analysts (NACVA), is a global, professional association that supports the business valuation and litigation consulting disciplines within the CPA, financial advisory, and investment banking communities. Along with its training and certification programs, NACVA offers a range of support services, marketing tools, software programs, reference materials, and customized databases to enhance the professional capabilities and capacities of its members.