Top Legislation - View All
Also tagged in: Business, Capital gains tax, Corporate mergers, Depreciation and amortization, Employee health benefits, Estates (Law), Finance, Flexible benefit plans, Government contractors, Group insurance, Health policy, Home offices, Income tax, Labor, Law, Life insurance, Long-term care insurance, Medical care, Public contracts, Self-employed, Small business, Stockholders, Stocks, Tax administration, Tax deductions, Tax exclusion, Taxation, Withholding tax
Latest Action: 01/04/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to provide tax incentives for small businesses, and for other purposes. 1/4/2007--Introduced. Small Business Tax Fairness and Simplification Act of 2007 - Amends the Internal Revenue Code to: (1) allow self-employed individuals to participate in cafeteria pension plans; (2) allow long-term care insurance under cafeteria plans and flexible spending arrangements; (3) allow accelerated amortization of certain intangible assets (e.g., good will) acquired from a small business; (4) increase the tax exclusion of gain from the sale of certain small business stock; (5) provide a $2,500 standard tax deduction for home business expenses; (6) permit certain small businesses to elect a taxable year ending in a month from April to November; (7) increase the allowable number of S corporation shareholders; and (8) exempt certain small businesses from withholding of tax requirements for payments made by government entities.
Latest Action: 08/03/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to allow 5-year amortization of goodwill and other section 197 intangibles that are acquired from a small business. 8/3/2007--Introduced. Tax Fairness for Small Business Act of 2007- Amends the Internal Revenue Code to allow an accelerated five-year amortization period for goodwill and other business intangibles acquired from certain small businesses (businesses whose average three-year gross receipts do not exceed $5 million) after December 31, 2006. Limits the amount eligible for such amortization to $5 million.
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Latest Legislation - View All
Latest Action: 08/03/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to allow 5-year amortization of goodwill and other section 197 intangibles that are acquired from a small business. 8/3/2007--Introduced. Tax Fairness for Small Business Act of 2007- Amends the Internal Revenue Code to allow an accelerated five-year amortization period for goodwill and other business intangibles acquired from certain small businesses (businesses whose average three-year gross receipts do not exceed $5 million) after December 31, 2006. Limits the amount eligible for such amortization to $5 million.
Also tagged in: Business, Capital gains tax, Corporate mergers, Depreciation and amortization, Employee health benefits, Estates (Law), Finance, Flexible benefit plans, Government contractors, Group insurance, Health policy, Home offices, Income tax, Labor, Law, Life insurance, Long-term care insurance, Medical care, Public contracts, Self-employed, Small business, Stockholders, Stocks, Tax administration, Tax deductions, Tax exclusion, Taxation, Withholding tax
Latest Action: 01/04/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to provide tax incentives for small businesses, and for other purposes. 1/4/2007--Introduced. Small Business Tax Fairness and Simplification Act of 2007 - Amends the Internal Revenue Code to: (1) allow self-employed individuals to participate in cafeteria pension plans; (2) allow long-term care insurance under cafeteria plans and flexible spending arrangements; (3) allow accelerated amortization of certain intangible assets (e.g., good will) acquired from a small business; (4) increase the tax exclusion of gain from the sale of certain small business stock; (5) provide a $2,500 standard tax deduction for home business expenses; (6) permit certain small businesses to elect a taxable year ending in a month from April to November; (7) increase the allowable number of S corporation shareholders; and (8) exempt certain small businesses from withholding of tax requirements for payments made by government entities.
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