Today In Washington
October 27, 2017
Source: AEO Government Relations Team, Madison Services Group
House Small Business Committee Asks Ways and Means Committee to Act
Yesterday, House Small Business Committee Chair Steve Chabot (R-OH) sent a letter with Ranking Member Nydia Velázquez (D-NY) to House Committee on Ways and Means Chair Kevin Brady (R-TX) and Ranking Member Richard Neal (D-MA) asking the Committee to consider H.R. 3717, the Small Business Owners’ Tax Simplification Act. This bill would update the tax code for small businesses, startups, and entrepreneurs.
Specifically, the bill:
• Aligns quarterly reporting deadlines with actual quarter ends.
• Aligns income tax filing thresholds for consistency (1099-MISC, 1099k, etc.)
• Updates electronic signature requirements.
• Outlines anti-fraud measures by requiring pre-notification testing of recipient information before direct deposits can be refunded
• Allows small business owners to both offer and participate in Cafeteria Plans (HSAs, dental plans, etc.) Current IRS interpretation prevents small business owners from participating.
• Excludes self-employment income from Social Security Quarters Coverage.
• Excludes loan forgiveness from being counted toward income for entrepreneurs who work in high-need and distressed areas.
• Allows voluntary withholding agreements (withholding a certain amount from an employee’s payroll check) without impacting a worker’s classification status.
• Allows voluntary training services (safety courses, tax compliance courses, etc.) to be offered to contractors without impacting a worker’s classification status
Thursday, November 2 @ 10 a.m.: House Small Business Committee – Operating or Rulemaking? A Review of SBA’s Opaque Standard Operating Procedures Process. 2360 Rayburn House Office Building.