H.R.2466 - Small Business Efficiency Act of 2011112th Congress (2011-2012)
|Sponsor:||Rep. Brady, Kevin [R-TX-8] (Introduced 07/08/2011)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 07/08/2011 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.2466 — 112th Congress (2011-2012)All Information (Except Text)
Introduced in House (07/08/2011)
Small Business Efficiency Act of 2011 - Amends the Internal Revenue Code to treat professional employer organizations (PEOs), certified by the Internal Revenue Service (IRS), as employers for employment tax purposes (thus allowing such PEOs to pay wages and collect and remit payroll taxes on behalf of an employer).
Sets forth IRS certification requirements for PEOs, including financial review and reporting requirements. Requires a PEO to post a bond, up to $1 million, to guarantee payment of employment taxes. Limits the required bond amount to $50,000 for a newly created PEO during its three-year startup period.