Despite being a huge, consequential piece of legislation, the Infrastructure Investment and Jobs Act barely touches the Internal Revenue Code. It contains a couple of provisions that will be of interest to some:
- The employee retention credit will end three months earlier than its previously set expiration date.
- Beginning with transactions taking place in 2023, cryptocurrency exchanges will have to provide tax reports to their customers and to the IRS, similar to reports already provided by stockbrokers when their customers sell stock.
What happened to proposals to “tax the rich” or make other changes in the tax law? Those ideas were never meant for this law. Stay tuned to learn what changes Congress makes in our tax laws in the “reconciliation” package now being debated.