Small Business Tax Fairness and Compliance Simplification Act

This bill aims to make taxes simpler for people and businesses in the beauty service industry. It updates the tax code to encourage honest reporting and to cut paperwork around tips in salons, barbershops, and similar workplaces. It also creates a new IRS reporting requirement for income from certain rentals of space inside these businesses, so that money paid for using a room or station is reported more clearly.

Key points

• Who is affected: Beauty service businesses and people who rent space inside them; workers in these businesses who receive tips.
• What changes: Simpler tax reporting, reduced tip reporting burdens, and a new reporting rule for income from certain rentals of space in the beauty service industry.
• When: The text provided does not specify an effective date.