Bookkeeping Miguel Palma

Bookkeeping News: Senate passes $1 Trillion Infrastructure Bill

The Senate passed a significant $1T Infrastructure Bill that snuck in various provisions that may affect you as a business owner. As a result, now more than ever is a great time to double check your bookkeeping.

What This Bill Means For You

  • Employee Retention Tax Credit Will End Early. Employee retention credit 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 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.
  • Revokes $17.578 billion in unobligated Economic Injury Disaster Loan Advances funds.
  • Rescinds about $1.366 billion in unobligated Economic Stabilization Program funds.
  • Revokes about $5.676 billion in unobligated funds for the SBA’s loan programs.

And this is just the tip of the iceberg.

Better Bookkeeping with a CPA

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