Why are we discussing this? The infrastructure bill passed the Senate this month with a strong majority support but is not yet law.
What tax provisions are included? Cryptocurrency broker reporting is the hot topic. The bill also includes a longer tax filing extension after disasters. (This is important because we expect to see more natural disasters ahead).
What’s not in the bill? There is no tax increases for any individual or business.
What else is significant?
- AICPA admits that it is ”impossible to get to the IRS” now. This is an increasingly critical issue.
- A discussed low 1099 reporting thresholds for bank transactions is a concern, although not in the bill.
- Valuation method provision is also a concern, although not in the bill.
- The Congressional process of budget reconciliation will be difficult this year.
Who is talking about this? My information comes mostly from the head of tax section of the AICPA in an interview given to Journal of Accountancy this past week.