3.0.0 2913 2023-01-13T04:48:15Z 2023-01-13T04:48:15Z Senate S S 2006-05-19 109 ssfi00 Finance Committee Senate Standing Referred to 2006-05-19T16:39:23Z Small Business Efficiency Act of 2006 109 4985 HR 2006-03-16 Referred to the House Committee on Ways and Means. Related bill CRS 2006-05-19 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4837-4839) IntroReferral 2006-05-19 Sponsor introductory remarks on measure. (CR S4837, S4839) IntroReferral B00100 9 Library of Congress 2006-05-19 Introduced in Senate IntroReferral 10000 9 Library of Congress G000386 Sen. Grassley, Chuck [R-IA] Charles Grassley R IA E. N B000243 Sen. Baucus, Max [D-MT] MAX BAUCUS D MT SIEBEN 2006-05-19 True Taxation Accounting Administrative procedure Auditing Business records Commerce Contractors Contracts Department of the Treasury Dismissal of employees Economics and Public Finance Employee benefit plans Employee selection Finance and Financial Sector Government Operations and Politics Government paperwork Labor and Employment Labor contracts Law Lease and rental services Licenses Personnel records Recruiting of employees Small business Social Welfare Social security taxes Surety and fidelity Tax administration Tax exclusion Tax exemption Tax returns Temporary employment Unemployment insurance User charges Wages Withholding tax Taxation 00 2006-05-19 Introduced in Senate 2006-05-26T20:10:06Z Small Business Efficiency Act of 2006 - Amends the Internal Revenue Code to treat professional employer organizations (PEOs), certified by the Internal Revenue Service (IRS), as employers for employment tax purposes (thus allowing such PEOs to pay wages and collect and remit payroll taxes on behalf of an employer).

Sets forth IRS certification requirements for PEOs, including financial review and reporting requirements. Requires a PEO to post a bond (the greater of $50,000 or 5% of the organization's tax liability for the preceding calendar year not to exceed $1,000,000) to guarantee payment of employment taxes.

]]> Small Business Efficiency Act of 2006 Display Title Small Business Efficiency Act of 2006 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to clarify the employment tax treatment and reporting of wages paid by professional employer organizations. Introduced in Senate IS Short Titles as Introduced Small Business Efficiency Act of 2006 Introduced in Senate 2006-05-19T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109s2913is/xml/BILLS-109s2913is.xml 2006-05-19 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4837-4839) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.