PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

SBE Council Supports “The Small Business Owners’ Tax Simplification Act of 2019”

By at 22 January, 2019, 9:00 am

The Honorable Nydia Velázquez

Chairwoman

Committee on Small Business

U.S. House of Representatives

Washington, D.C.  20515

 

The Honorable Steve Chabot

Ranking Member

Committee on Small Business

U.S. House of Representatives

Washington, D.C.  20515

 

Dear Chairwoman Velázquez and Ranking Member Chabot:

On behalf of the Small Business & Entrepreneurship Council (SBE Council) and our nationwide membership of entrepreneurs, I am writing to express our strong support for the “Small Business Owners’ Tax Simplification Act of 2019.” This important legislation would make a significant and positive difference for our nation’s entrepreneurs and small businesses.

The current and outdated tax code system has not kept pace with technological change and the modern economy. The Small Business Owners’ Tax Simplification Act provides simple fixes and common-sense updates that would reduce costs, complexity and uncertainty.

The legislation aligns income tax filing thresholds for Form 1099-Misc and 1099k reporting; aligns quarterly reporting deadlines with the actual end of quarters; allows business owners to both offer and participate in cafeteria plans; allows voluntary withholding agreements and training services between contractors and “gig” entrepreneurs without impacting worker classification; establishes uniform standards for the use of electronic signatures; and excludes self-employment income from Social Security quarters of coverage.

Thank you for your bipartisan leadership. Modernizing and simplifying the tax system is critical to boosting entrepreneurship and small business growth. Please let me know how SBE Council can help ensure that The Small Business Owners’ Tax Simplification Act of 2019 is enacted into law this year.

Sincerely,

Karen Kerrigan, President & CEO

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