US Senate Committee Addresses Tax Compliance

US Senate Committee Addresses Tax Compliance

Five bills aim to alleviate burden for small business owners.

The Automotive Service Association reported that the U.S. Senate Committee on Small Business and Entrepreneurship recently held a markup on five separate bills related to small business ownership and microloans. The bills included three to better facilitate small business ownership for veterans, one to help small businesses better employ energy efficiency practices, and one to reform the microloan process. All bills received bipartisan support within the committee and were reported favorably. The committee also reported it has drafted a resolution recommending the passage of S. 1827, a bill to simplify tax compliance.

“Based on hearings and roundtables, small businesses have conveyed to me how much of an issue tax compliance has become …,” said Sen. David Vitter, R-La., committee chairman. “Simply put, small business owners are losing time, money and resources navigating the intricacies of the tax code and spend an oversized portion of their time complying focused on tax compliance … This resolution identifies common-sense bipartisan solutions to provide immediate relief to our country’s small businesses … This includes provisions that will help small businesses dramatically reduce their accounting costs and better navigate federal tax compliance on our way to removing that burden altogether. We have been able to put together a resolution both sides agree on that would provide relief for small businesses all across the country.”

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