Small Business Paperwork Savings Act

Bill 118 hr 3991, also known as the Small Business Paperwork Savings Act, aims to reduce the burden of paperwork on small businesses in the United States. The bill was introduced in the House of Representatives on March 18, 2021.

The main provisions of the bill include simplifying and streamlining the paperwork requirements for small businesses when it comes to tax reporting. This would involve reducing the number of forms that small businesses are required to fill out and submit to the Internal Revenue Service (IRS) each year.

The bill also seeks to make it easier for small businesses to comply with tax laws by providing clearer guidance on what information needs to be reported and how it should be reported. This would help small businesses avoid costly mistakes and penalties for non-compliance. Overall, the Small Business Paperwork Savings Act is aimed at reducing the administrative burden on small businesses and allowing them to focus more on growing their businesses and creating jobs. The bill has received bipartisan support in Congress and is currently being considered by the House Ways and Means Committee for further review and potential passage.