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WDAY - Berg in Fargo Discussing Small Business Tax Act

News Article

Location: Fargo, ND

Tax complexity is consistently among the top 5 concerns for businesses, but it could soon be getting easier.

Congressman Rick Berg talked about his proposed the "Small Business Tax Simplification Act," at Fargo Moorhead Custom & Collision. It would allow more small businesses to be eligible for a simplified tax filing method with the IRS.

Current law allows business with up to $5 million in gross receipts to use a certain form of accounting when filing their annual taxes. Berg's legislation expands that up to $10 million.

Congressman Rick Berg -- (R) North Dakota: "There is bipartisan agreement. People understand making it simple for a small business to do their accounting and pay their taxes has got to be a good thing."

Berg says businesses will still have the option to choose which method works best for them. The National Federation of Independent Business supports Berg's proposal.

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