COVID-19 Update: Beaird Harris has shifted a significant number of our team members to work remotely.
We continue to serve and care for our clients, just as we always have, and are available by phone, video or email.

Beaird Harris will be closed on Friday, July 3rd in observance of the Independence Day holiday.

Blog

Infrastructure Investment and Jobs Act

Matt Edrington

This week, President Biden signed into law the Infrastructure Investment and Jobs Act. The $1.2 trillion bill provides over $500 billion in new spending for physical infrastructure such as roads, bridges, rail, airports, power grids, and internet access, among other things. 

Unlike the larger Build Back Better bill that is still under consideration in Congress, the Infrastructure Investment and Jobs Act does not contain tax provisions that alter income tax rates, deductions or credits.  

Nonetheless, there are a couple of provisions that we want to make you aware of:  

  • The Employee Retention Credit (“ERC”) is being terminated earlier than originally scheduled.  It now applies to wages paid before October 1, 2021. Prior to this change, the credit was applicable for wages paid prior to January 1, 2022.
  • There is a provision that now requires brokers to provide information reporting on sales of digital assets (Cryptocurrency).  The change is not effective immediately but will be in place for returns filed after December 31, 2023. Individuals can expect to receive a Form 1099 for crypto sales when this is implemented. We expect the reporting to be similar to when stocks or bonds are sold.  

We are here to help you sort through the ever changing tax legislation and expect to send out a communication once the Build Back Better bill is signed into law.  In the meantime, don’t hesitate to reach out to discuss your personal situation.

No Professional Advice, Client Relationship, or Reliance on Information

Please note that any information or content on our Website, or any forms or tools on our Website which allow you to submit information or make calculations, and your use thereof, are not intended to provide any kind of professional advice, consultation or service, including but not limited to, legal, accounting, tax, or business advice. Nor does any such information, content, forms, or tools, or your use thereof or reliance thereon, create or constitute an attorney/client, accountant/client, or consultant/client relationship. You should therefore not use our Website or reliance on any information, content, forms, or tools on our Website as a substitute for any kind of professional advice. Rather, you should consult with a licensed professional, including one employed by our Company, for any accounting or tax questions you may have. You agree that we will not be liable to you or to any third party to the extent you treat or consider any information, content, forms, or tools on our Website as constituting any kind of professional advice. The information and content, including but not limited to forms and tools, presented on or made available through our Website are made available solely for general information purposes. We, therefore, do not warrant the accuracy, completeness or usefulness of any such information, content, forms, or tools, and any reliance you place on the same is strictly at your own risk.  We disclaim all liability and responsibility arising from any reliance placed on such materials by you or any other visitor to our Website, or by anyone who may be informed of any of its content.

Our Website provides illustrative lists of services that we provide. Nothing contained on our Website shall be construed as an offer or guarantee to provide any particular services to you, nor shall anything on our Website be construed as a direct solicitation for employment by any persons, companies, or organizations. Prior results we have obtained for others do not guarantee a similar outcome.

Share This
Share on facebook
Share on twitter
Share on linkedin
Share on email
schedule call

Schedule a complimentary call today.

We’ll help you get started and learn more about Beaird Harris.