Build Back Better Act: In-Progress

By Alex Smith, CPA

More tax changes that could affect you and your business are on the way. Over the last four years we have had a major overhaul of the Internal Revenue Code (IRC) in 2017, Coronavirus and all the associated aid packages and tax changes associated with them (2020-2021), and now we are looking at potentially another very large spending bill (with its own potential tax changes) currently rumbling its way through Congress.

Unlike the previous Infrastructure Investment and Jobs Act bill that passed through Congress in November, the Build Back Better Act (BBB Act) contains many proposed changes to tax law. Those changes could affect everyone from individuals filing their 1040 personal returns to billion-dollar corporations. We wanted to take a moment to highlight some of the items in consideration under the BBB Act that might affect you or your business.

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