The tax world’s eyes are on the Senate as it considers tax changes as part of the $1.75 trillion budget reconciliation legislation—also known as the Build Back Better Act. The House passed the bill Nov. 19, and now the Senate is expected to make changes. With a jam-packed December agenda in the evenly divided upper chamber, much uncertainty remains.
RSM’s tax policy team during a 32-minute webcast Dec. 1 provided a detailed update on the tax provisions in the House-approved bill and explained what to expect going forward.
Watch the full video below, noting the following times at which the team began to discuss various topics:
4:34 – Next steps in the legislative process ahead of an eventual Senate vote.
6:31 – The timeline for passage and factors influencing potential action in December.
9:53 – A by-the-numbers breakdown of tax provisions in the House-approved bill.
14:11 – Whether tax changes could be enacted retroactively if the bill is passed in 2022.
15:56 – Details of noteworthy tax provisions in the House-approved bill affecting:
- individuals (16:08)
- corporations (18:35)
- partnerships (20:24)
- transactions (23:19)
- multinationals (24:11)
- retirement plans (25:22)
30:14 – What taxpayers should consider doing now to prepare for the tax changes included in the bill or being negotiated.