Small Business Tax Equalization and Compliance Act of 2014 - Amends the Internal Revenue Code to extend the tax credit for social security taxes paid for employee cash tips to employers of cosmetologists.
Requires employers of cosmetologists to report income and tips of their cosmetology employees and to provide income and tip information to self-employed cosmetologists to whom they pay more than $600 in the taxable year. Imposes similar reporting requirements upon individuals who rent chairs to cosmetologists. Requires such employers to provide their cosmetology employees and self-employed cosmetologists with information on the tax and tip reporting obligations of employees and self-employed individuals.
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