U.S. Sen. David Vitter (R-La.), Chairman of the Small Business & Entrepreneurship Committee, today introduced the Small Business Tax Compliance Relief Act. It is expected to be voted on in Committee in the coming days.

“American small businesses have better things to do with their time – like creating jobs – than spending their limited time and hard-earned money complying with convoluted and expensive federal tax regulations,” said Vitter. “We don’t have to wait for wholesale tax reform to help small businesses. My legislation combats the cost of compliance and will make targeted tax reforms to get government out of the way so that America’s entrepreneurs can concentrate on growing their businesses.”

Vitter’s legislation would provide relief from tax code provisions frequently cited as overly restrictive or onerous for a small business, including:

1)Increasing the threshold for cash accounting
2)Eliminating burdensome record keeping requirements for business computers and other communications equipment
3)Requiring the IRS to convene small business panels to offer guidance on rules and regulations that impact small businesses
4)Giving small businesses a greater legal platform to protest IRS penalties when they have acted in “good faith”

Vitter has held a number of hearings and worked directly with small businesses, small business advocacy groups, and pro-business organizations in writing this legislation. Organizations supporting Vitter’s legislation include:

Later this morning, the Small Business Committee is hosting a hearing entitled, “Targeted Tax Reform: Solutions to Relieve the Tax Compliance Burdens for America’s Small Businesses” during which small business owners and their advocates will detail the burdens of tax compliance.