Bookkeeping News: Senate passes $1 Trillion Infrastructure Bill - Palma Financial

We have some bookkeeping news. The Senate passed a significant $1T Infrastructure bill. Some of the provisions included, may affect you as a business owner.

Here Are a Few Insights Into What This Bill Means For You:

  • Employee Retention Tax Credit Will End Early – the bill changes the employee retention credit to be taken only through the third quarter of 2021. Wages paid after September 30, 2021, will not be eligible except for recovery startup businesses.
  • New Cryptocurrency Reporting Requirements – effective in 2024, cryptocurrency brokers will be required to file information returns reporting crypto transactions.
  • Increased Extension Authority for IRS – the IRS will be permitted to grant discretionary extensions to specific deadlines in the case of “significant fires” that trigger federal relief funds.
  • The Build America, Buy America provisions of the bill amend and add to pre-existing preference laws to ensure that American taxpayer dollars buy American-made components for any federally funded infrastructure projects.
  • Rescinds $13.5 billion in unobligated Economic Injury Disaster Loan funds.
  • Rescinds $17.578 billion in unobligated Economic Injury Disaster Loan Advances funds.
  • Rescinds about $1.366 billion in unobligated Economic Stabilization Program funds.
  • Rescinds about $5.676 billion in unobligated funds for the SBA’s loan programs.

And This is Just the Tip of The Iceberg

Need help understanding how this may apply to you and what proactive strategies you must take before these changes occur? Let us take care of your bookkeeping. Let’s discuss more in a strategy session. Book Your Free Assessment Here.