On Nov. 5, the U.S. House of Representatives passed the Infrastructure Investment and Jobs Act, which includes a handful of tax provisions. President Biden is expected to sign the bill into law soon. It will end the Employee Retention Credit earlier than scheduled. The credit will now be applicable to wages paid before Oct. 1, 2021 (rather than Jan. 1, 2022). The law will also require new information reporting of digital assets, such as cryptocurrency, after Dec. 31, 2023. It includes federal investments in roads, bridges, water infrastructure, internet access and more. The House hasn’t yet voted on the separate Build Back Better social infrastructure bill, which includes many tax provisions. Call or visit our website for more information! www.mjscpa.com/
