On November 5, 2021, the House of Representatives released the latest version of the Build Back Better bill. This bill presents significant spending initiatives of the Biden Administration. The spending in the bill is paid for by proposed tax provisions impacting businesses and individuals and with greater enforcement efforts by the IRS. Tax beat hosts, Brooks and Sarah, talk with three Cherry Bekaert Tax Services Directors, Anne Oliver, Deb Walker, and Mike Elliot, to highlight the revenue raising provisions in this bill. They speak to the potential impact of these provisions and some planning ideas for taxpayers to consider.
There is a companion podcast which highlights the proposed tax provisions that may impact companies operating outside of the U.S.
Chapter Marks:
- 3:19 — Which tax provisions are in and out this version of the bill
- 10:25 — Provisions for IRAs
- 15:00 — IRS enforcement provisions
- 20:48 – What happens next?
- 23:15 — Recommendations for year-end planning
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