Infrastructure Bill Signed into Law Today November 16, 2021

The anticipated $1.2 million Infrastructures Investment and Jobs Act was signed into law today by President Biden.

While the newly passed legislation does not address the pending plan to ban the the backdoor Roth and the mega backdoor Roth including the mega backdoor Roth solo 401k which are part of the pending Bill Build Back Better Act of 2021, it does address the following:

Amends the Internal Revenue Code definition of “broker” to include “any person who (for consideration) is responsible for regularly providing any service effectuating transfers of digital assets (cryptocurrency) on behalf of another person.”  These updates will become effective after December 31, 2023.

For plan years after December 31, 2021, the bill extends by 5 years the minimum and maximum “corridor” for determining interest rates for single employer pension funding, relief initially granted by the American Rescue Plan (ARPA).

For disaster tax relief, tax payers impacted by a federally declared disasters under Code Section 7508A will receive an automatic extension (at least a minimum 60-day time frame) of certain deadlines. The new legislation updates the definition of disaster relief to mean “an area in which a major disaster for which the President provides financial assistance under section 408 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5174) occurs.” 

About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>

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