Bipartisan bill would add scrutiny to IRS regulations

Penned by Reps. Mike Michaud (D-Maine) and Jeff Denham (R-Calif.), the IRS Rulemaking Fairness Act would extend the Small Business Regulatory Enforcement Fairness Act.

The 1996 law requires regulators to convene panels to assess the effect of proposed rules in small companies. 

“This bill simply requires the IRS to thoroughly consider those they are impacting,” Michaud said in a written statement.

The lawmakers cite complaints from business owners, who say IRS regulations are overly burdensome. The agency, they charge, seldom incorporates into its rules any suggestions from the Small Business Administration’s Office of Advocacy, created to protect small firms against unnecessary red tape.