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News & Press: WIPP Legislative Updates

Senate Committee Hears from Small Business Owners on Tax Reform

Friday, July 31, 2015  
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WIPP Special Policy Briefing


 

Senate Committee Hears from Small Business Owners on Tax Reform

 

The Senate Small Business Committee held a hearing on how tax reform would benefit small businesses. Both business owners and advocacy groups expressed concerns that the tax code was extremely complicated, and time consuming for small business owners. The witnesses supported a proposal that would establish a Small Business Review Panel at the IRS to offer guidance on rules and regulations that impact small businesses.  They also supported allowing the IRS to waive penalties and deadlines as appropriate when small businesses have acted in good faith.


While a major overhaul of the tax code appears unlikely, Congress is expected to take up tax “extenders” -- more than 50 tax credits, some affecting small businesses -- in the Fall.  



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