There is a lot information to unpack in the latest Infrastructure Investment and Jobs Act that was passed in August. It is a good time to consult with your tax adviser given all of the changes and moving parts with the bill.
One big topic of the bill is that there will be tax offsets and nontax offsets. The nontax offsets are anything spanning from rescinding unused funding from COVID relief bills, with any unused money available for infrastructure, and delaying a scheduled change in the Medicare prescription drug rebate plan for three years.
Tax offsets, which is considered to be a ‘monster,’ include cryptocurrency of transactions of more than $10,000.
For more information on cryptocurrency, click here.
Other provisions include moving up the deadline for the COVID-generated Employee Retention Credit from Dec. 31 to Sept. 30. For more information on how that can impact you and the government, please click here.
Another notable provision is President Biden wanting to increase the IRS staff by 87,000 employees. Read more about the plan here.
The reconciliation bill has yet to come and that is where we are likely to see President Biden’s tax reform proposals.
Until then, this is the information that been provided. For a comprehensive look at the entire Infrastructure Investment and Jobs Act, please click here.
The Sharp Financial Group is here for any questions and concerns you might be having in relation to anything above. We consider ourselves more than your partners, we are your financial advocates!
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