February 22, 2022 - Douglas Myser

Infrastructure investment act of 2021. In the last two to three years, most of the bills coming out of Congress have been about the Covid pandemic, and efforts to help the economy along during the crisis. Going back to the Trump administration, and now in the Biden Administration, many of the larger bills have been about Covid, and easing the impact of the pandemic. One of the few bills passed recently, in 2021, that has actually been on Congress mind's for some time, has to do with infrastructure. The crumbling bridges, roads, and the nation's water supply have been in the news for some time, and it was one of the few areas of concern that had support from both sides of the Congressional aisle. Infrastructure investment act of 2021.

Many other aspects of law were crammed into the trillion dollar bill, as Congressional support always comes with special interests needs attached to many bills. This was no different. Tax changes were also added to the massive bill. The extension of interest rate stabilization: minimum funding standards for single employee defined benefit plans is changed to extend for an additional five years the amounts for the applicable minimum percentage and applicable maximum percentages that were scheduled to expire at the end of the 2025 tax year or the next 5 years.

There were also major changes made for individuals and pass through entities that were put into the Build Back Better plan, which ultimately never passed Congress. But several other changes have been put in that changed some of the things the Trump Administration had put into the American Cuts and Jobs Act. Some of the tax rates have certainly changed, and will impact those filing for years to come. If these impact you and you owe taxes, you may consult with a Tax Resolution firm, or if the issue is more severe and you have a IRS Wage Garnishment, contact us.