National Restaurant Association Statement on the Senate “Commonsense Reporting Act of 2014”

The National Restaurant Association released the following statement regarding the Senate’s introduction of the “Commonsense Reporting Act of 2014”:

“We thank Senator Warner and Senators Begich, Landrieu, Manchin, Shaheen, Heitkamp, Franken and Tom Udall for recognizing the burden the IRS’s final reporting requirements place on restaurant operators and taking quick action to address the concerns of main street businesses. The National Restaurant Association and Employers for Flexibility in Healthcare (EFLEX) coalition made several suggestions to the IRS on ways to simplify and streamline the reporting system which would satisfy the information needs related to healthcare, protect privacy, and allow operators to concentrate on the core functions of their business. As the nation’s second largest private sector employer, we commend the leadership of these members to take steps address this issue and recognize the need to make changes to the ACA.

“Under the current requirements restaurants will face exorbitant new HR and IT costs to obtain, maintain and protect their employees’ personal information. These burdensome and confusing requirements are high hurdles for restaurant operators looking to grow their business and create jobs. Few industries have ever needed to track such a massive outflow of employee data as the IRS is proposing, and it is just another example of the increasingly challenging regulatory environment that businesses face with the implementation of this law. Streamlining the reporting process and protecting our employees’ privacy is a top priority. This legislation is a first step in addressing these issues and lifting the load placed on restaurants across the country. We look forward to continuing our work between the industry and Congress as they move this legislation forward.”

Source:- national Restaurant Association