The CARES Act, 2021, created several programs to provide financial assistance to employers during and after the Covid-19 restrictions. Its flagship program, the Employee Retention Credit (ERC), which was amended after that by the Consolidated Appropriations Act, will finally be terminated. The American Rescue Plan Act made the ERC available to eligible employers for the third and fourth quarters of 2021. However, the Infrastructure Investment and Jobs Act, known as H.R. 3684, repeal that. It effectively makes wages paid after September 30, 2021, ineligible for the credit.
The Senate passed the infra bill by a vote of 69-30 and now awaits approval from the House of Representatives. As the name suggests, it will contribute massively on an array of infra projects and comes with some other tax provisions. Additionally, it requires broker reporting of crypto-asset transfers.
The bill imposes crypto-asset reporting requirements on brokers. Under section 6045(c)(1), a broker is anyone who makes ‘transfers of digital assets on behalf of another person. A digital asset means “any digital representation of value which is recorded on a cryptographically secured distributed ledger or any similar technology.”
This bill changes the automatic extension of specific deadlines for those affected by disasters as defined in the SECURE Act, 2019. It amends the definition of a ‘disaster area’ as ‘an area in which a major disaster for which the President provides financial assistance under section 408 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act occurs '.
It provides an extension of numerous highway-related taxes along with stretching and modification of some superfund excise taxes. Further, it offers private activity bonds for qualified broadband projects and carbon dioxide capture facilities.
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The author, Mr. Gamble is the Owner and Managing Partner of Gamble and Associates, LLC, which is a CPA firm that provides accounting, tax and business consulting services to high net-worth individuals, and Small Businesses such as Sole Proprietorships, Corporations, S-Corporations, Partnerships, LLC’S and Trusts.