The American Institute of CPAs submitted written testimony to Congress for a hearing by the House Small Business Committee on modernizing the Tax Code for small businesses. The House Small Business Committee issued a report containing seven recommendations for improving the Tax Code in conjunction with the hearings. The recommendations included simplifying the home office deduction, updating the equipment deduction limits and record-keeping requirements, adjusting the business automobile depreciation limits and shortening depreciation schedules.
The committee also recommended allowing self-employed entrepreneurs to deduct the cost of health insurance premiums, raising the small business limit for deduction of business meals and entertainment to 80 or 100 percent, and restoring incentives for those with capital to move their money to small firms.
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