S.327 - Small Business Tax Equalization and Compliance Act of 2005

A bill to amend the Internal Revenue Code of 1986 to expand the tip credit to certain employers and to promote tax compliance. view all titles (2)

All Bill Titles

  • Short: Small Business Tax Equalization and Compliance Act of 2005 as introduced.
  • Official: A bill to amend the Internal Revenue Code of 1986 to expand the tip credit to certain employers and to promote tax compliance. as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
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02/09/05
 
 
 
 
 
 
 

Official Summary

Small Business Tax Equalization and Compliance Act of 2005 - Amends the Internal Revenue Code to extend the tax credit for social security taxes paid for employee cash tips to employers of cosmetologists. Requires employers of cosmetologists to report income and tips of their cosmetologist

Official Summary

Small Business Tax Equalization and Compliance Act of 2005 - Amends the Internal Revenue Code to extend the tax credit for social security taxes paid for employee cash tips to employers of cosmetologists. Requires employers of cosmetologists to report income and tips of their cosmetologist employees and to provide income and tip information to self-employed cosmetologists to whom they pay more than $600 in the taxable year. Imposes similar reporting requirements upon individuals who rent chairs to cosmetologists. Requires such employers to provide their cosmetologist employees and self-employed cosmetologists with information on the tax and tip reporting obligations of employees and self-employed individuals.

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