Small Business Tax Compliance Relief Act of 2015

Summary

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 22 July 2015

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 22 July 2015

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 22 July 2015

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.