The bill will include provisions that were left out the Tax Cuts and Jobs Act.
The 2019 bill, originally proposed by then-chair Chabot in 2017, will help amend the tax code to align the deadlines for quarterly estimated tax payments with the calendar year quarters for small businesses and self-employed individuals, reports Accounting Today.
The bill is aimed at helping small businesses involved with the “sharing economy,” such as self-employed individuals and independent contractors.
“I am pleased to work across the aisle by joining Ranking Member Chabot in re-introducing this tax bill that takes common-sense steps to benefit the backbone of the American economy—small businesses,” said D-NY 7th District Rep. Nydia Velázquez. “By allowing companies the flexibility to assist independent contractors, this bill provides more tax compliance assistance for micro-entrepreneurs as the sharing economy continues to expand. When it comes to taxes, we simply cannot afford to leave our small businesses and entrepreneurs behind.”