legislation: 98-hr-4521

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
98-hr-4521 98 hr 4521 Small Business Tax Simplification Act of 1983 Commerce 1983-11-18 1983-11-18 Referred to House Committee on Ways and Means. House Rep. Jenkins, Edgar L. [D-GA-9] GA D J000083 1 Small Business Tax Simplification Act of 1983 - Amends the Internal Revenue Code to allow employers who withhold an aggregate amount of FICA and income taxes of less than $5,000 per month to make deposits of such taxes once per month. (Present regulations require deposits eight times per month for employers who withhold an amount of such taxes in excess of $3,000 per month.) Allows a taxpayer to elect to use the cash receipts and disbursements method of accounting without regard to any requirement to use inventories if such taxpayer is a qualified small business for the taxable year and the two preceding taxable years. Defines "qualified small businesses" as any person engaged in a trade or business if: (1) the average annual gross receipts do not exceed $2,000,000; and (2) the active participants in such trade or business own 50 percent of its capital and profits, interests, or, in the case of a corporation, at least 50 percent of its stock. Limits such election to taxpayers whose inventories do not exceed the reasonable needs of the business. Allows such qualified small businesses to deduct in the current tax year up to $100,000 of its depreciable business assets. 2025-08-29T17:38:58Z  

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