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