3.0.0 1827 2023-01-11T13:30:04Z 2023-01-11T13:30:04Z Senate S 2015-07-22 114 sssb00 Small Business and Entrepreneurship Committee Senate Standing Hearings by 2015-07-22T15:08:34Z ssfi00 Finance Committee Senate Standing Referred to 2015-07-22T14:59:49Z An original resolution expressing the sense of the Committee on Small Business and Entrepreneurship of the Senate relating to easing the burden of Federal tax compliance on small businesses. 114 252 SRES 2016-12-20 By Senator Vitter from Committee on Small Business and Entrepreneurship filed written report under authority of the order of the Senate of 12/10/2016. Report No. 114-424. Related bill CRS 2015-07-22 sssb00 Small Business and Entrepreneurship Committee Senate Committee on Small Business and Entrepreneurship. Hearings held. Committee 2015-07-22 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2015-07-22 Introduced in Senate IntroReferral 10000 9 Library of Congress V000127 Sen. Vitter, David [R-LA] David Vitter R LA N Taxation Accounting and auditing Administrative law and regulatory procedures Business expenses Business investment and capital Business records Capital gains tax Charitable contributions Computers and information technology Congressional oversight Department of the Treasury Employee benefits and pensions Foreign and international banking Health care costs and insurance Income tax deductions Income tax exclusion Inflation and prices Internal Revenue Service (IRS) Life, casualty, property insurance Sales and excise taxes Securities Self-employed Small business Student aid and college costs Tax administration and collection, taxpayers Tax-exempt organizations Taxation of foreign income Taxation 00 2015-07-22 Introduced in Senate 2015-09-30T15:13:18Z Small Business Tax Compliance Relief Act of 2015

This bill amends provisions of the the Internal Revenue Code relating to the taxation of small businesses to:

  • allow small business entities with gross receipts not exceeding $10 million (currently, $5 million) to use the cash method of accounting and an exemption from the requirement to use inventories;
  • eliminate restrictions on the depreciation of computers or peripheral equipment;
  • extend the tax deduction for the health insurance costs of self-employed individuals;
  • allow small business entities to maintain pension plans designated as flexible retirement accounts;
  • repeal provisions for simple pension plans and simple individual retirement accounts and special rules for top-heavy pension plans;
  • require inflation adjustments after 2015 to the dollar amounts of specified tax exclusions and deductions;
  • allow a reasonable cause exception to noncompliance penalties;
  • modify return due dates for partnerships, C corporations, S corporations, and other entities;
  • modifiy the application of tax rules for nonqualified deferred compensation plans; and
  • reduce from 5 years to 3 years the required holding period for qualified small business stock and extend the rollover period for such stock.

The bill directs: (1) the Department of the Treasury to modify Treasury regulations for the expensing of tangible property to increase from $500 to $2,500 the de minimis safe harbor amount for taxpayers without applicable financial statements; and (2) the Internal Revenue Service to implement procedures for the review of regulations affecting small business and report on uniform statutory definitions relating to small business and on improvements in customer service to small business.

]]> Small Business Tax Compliance Relief Act of 2015 Display Title Small Business Tax Compliance Relief Act of 2015 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to improve the tax treatment of small businesses. Introduced in Senate IS Short Titles as Introduced Small Business Tax Compliance Relief Act of 2015 Introduced in Senate 2015-07-22T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s1827is/xml/BILLS-114s1827is.xml 2015-07-22 Committee on Small Business and Entrepreneurship. Hearings held. 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.