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.”
