BetterSMB Best practices for small and mid-size businesses
While the recently passed Infrastructure Investment and Jobs Act primarily addresses infrastructure-related issues, it includes several tax provisions affecting individuals and small business taxpayers. Let’s take a look:
INDIVIDUALS
Cryptocurrency Reporting. Cryptocurrency reporting requirements are expanded to stem underreporting of cryptocurrency transactions. However, some have raised concerns that the reporting requirements of this tax provision are so broad that they apply to people who generate cryptocurrency and to people who do not have the information needed to comply with the reporting requirements.
Disaster Relief. The legislation extends certain tax deadlines for taxpayers affected by federally declared disasters. Also amended is the definition of a disaster area.
Tax Deadlines. The types of tax deadlines that are extended due to service in a combat zone are expanded.
