Small Business Tax Compliance Relief Act

DC 2015.1

S.1827 – Small Business Tax Compliance Relief Act of 2015

The SBAC is working with Senator David Vitter, Chairman of the U.S. Small Business and Entrepreneurship Committee, on the Small Business Tax Compliance Relief Act. This legislation, which reduces compliance burdens frequently cited as overly restrictive or onerous for small business owners and entrepreneurs, has been developed by the Committee and has strong bipartisan support. Support for this legislation comes from folks from various political persuasions because it makes sense and will empower small businesses across the United States.

The Small Business Tax Compliance Relief Act will reduce compliance burdens for small businesses, providing relief from provisions frequently cited as overly restrictive or onerous for entrepreneurs. For example, the bill includes provisions that will allow self-employed individuals to fully deduct health insurance costs just as all other businesses enjoy; gives the IRS commissioner authority to waive penalties or deadlines if the small business is shown to have acted in good faith; eliminates burdensome record-keeping requirements and increases the threshold for small businesses to use cash accounting methods.

A link to a correspondence sent by Senator Vitter’s office outlining the provisions in the bill is here.

Click here for bill status.

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Supporters