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.

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Timeline

1. 22 July 2015

   Committee

   Committee on Small Business and Entrepreneurship. Hearings held. Hearings printed: S.Hrg. 114-360.

   Source: Committee

2. 22 July 2015

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

3. 22 July 2015

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 22 July 2015 · Download file

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

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• Introduced in Senate

  summary · EN · 22 July 2015

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Vitter, David [R-LA] · R · Sponsor
• · sssb00 · Standing
• · ssfi00 · Standing

Related records

• related to ← 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.