"With Tax Day fast approaching, Americans are being reminded of just how complex, illogical, and inefficient our federal tax system really is," Cornyn said. "Small business owners face an especially crushing burden of paperwork, but they lack the key financial and legal resources that multinational corporations do.

"Now more than ever, with an economy struggling to recover and increased tax burdens from the 2010 health care law around the corner, we need to ensure our small businesses are spending more time creating jobs and opportunity and less time dealing with the IRS and an archaic tax code."

Among other things, Cornyn's bill would create a new path for small businesses to contest IRS audits, limit IRS authority during appeals, make it easier to win attorney's fees if the IRS is found to have abused tax law, and give companies access to judicial review if the IRS fails to act on a request to refund certain interest payments.

Earlier Wednesday, a Democratic senator, Sherrod BrownSherrod Campbell BrownTrump VA pick faces challenge to convince senators he’s ready for job Overnight Finance: Senate repeals auto-lending guidance, shattering precedent with vote | House passes IRS reform bills | Senate GOP fears tax cut sequel Dem Senator open to bid from the left in 2020 MORE (Ohio), said he will support a bill increasing penalties for people involved in tax fraud.