In a May 20, 2021 press release the Department of Treasury outlined President Biden’s proposal for increased tax compliance. This agenda is designed to target underreporting and increase revenues from this underreporting.
Check out our summary of the key provisions of this outline and how it may affect you.
This is just a proposal by President Biden. As such it is short on details. This is not law and some or all of it will not become law. The following is for information purposes only and should not be acted upon until final law is passed.
We would expect final legislation, if any, to occur in the fourth quarter of this year. The political landscape is unique in 2021, with the expiration of the emergency debt ceiling suspension expiring at the end of July, 2021 and the razor thin Democratic control in the Senate which will in effect give every Senator effective veto power as they try to pass legislation through the budget reconciliation process.
We will keep you apprised as legislation continues to move through Congress.