Berg in Fargo discussing small business tax actFargo, ND (WDAY TV) - Tax complexity is consistently among the top 5 concerns for businesses, but it could soon be getting easier.
By: WDAY Staff Reports, WDAY
Tax complexity is consistently among the top 5 concerns for businesses, but it could soon be getting easier.
Congressman Rick Berg talked about his proposed the "Small Business Tax Simplification Act," at Fargo Moorhead Custom & Collision. It would allow more small businesses to be eligible for a simplified tax filing method with the IRS.
Current law allows business with up to $5 million in gross receipts to use a certain form of accounting when filing their annual taxes. Berg's legislation expands that up to $10 million.
Congressman Rick Berg – (R) North Dakota: “There is bipartisan agreement. People understand making it simple for a small business to do their accounting and pay their taxes has got to be a good thing.”
Berg says businesses will still have the option to choose which method works best for them. The National Federation of Independent Business supports Berg's proposal.