May 03, 2022

Package of Tax Provisions?

With the prospects of a comprehensive U.S. tax legislative package unlikely, one possible path for Congress is the consideration of smaller, more targeted pieces of legislation. One possibility of such targeted tax legislation might be passing tax extenders. Another possible package of tax legislation might include provisions aimed at providing relief from the recent COVID-19 Omicron variant.

Throughout the COVID-19 pandemic and as the country has tackled the many variants, the impact of the virus has been tough on smaller businesses, particularly those that provide services to people, such as restaurants, entertainment venues, hotels and fitness centers/sports clubs.

While no formal legislation has been introduced specifically related to the Omicron variant, if a bill picks up steam, we might see provisions such as employment tax credits, travel incentives or temporary changes to the meal and entertainment cap.

With the Build Back Better bill now a recent memory, members of both parties in the House and Senate may find additional targeted COVID-19 tax relief more appealing. Members of Congress hear from constituents daily regarding their struggles with the impact COVID-19 has had on their lives and on their livelihoods. Pressing ahead with a package of targeted tax relief might be just what many taxpayers need. It may also be just what Congress needs to show it can respond to the needs of Americans in a bipartisan, bicameral basis.

To discuss your situation and see how BMSS can assist you, please contact your BMSS professional at (833) CPA-BMSS or visit our website at www.bmss.com for contact information.