The Bring Small Businesses Back Tax Reform Act (H.R. 5374) would reduce the tax burden on small businesses. It would lower the top rate on income up to $150,000 for owners of pass-through entities to 10%, and 20% for the first million. It would also allow pass-throughs to expense all equipment purchases. Finally, it would liberalize the rules for cash method of accounting and inventory for small businesses.
Barbara Weltman
Big Ideas for Small Business, Inc.
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BOI reporting cont'd. But this isn’t the end of the story. The government filed a notice of appeal with the appellate court, and FinCEN says “deadline stay—voluntary submission only” (https://bit.ly/3ZpKxwU Note: There are cases challenging CTA that are still pending.