Slow Progress for Infrastructure Bill
Congress is making slow but sure progress towards finalizing an infrastructure agreement, yet one portion of the bill still remains unsettled.
The unresolved piece of the bill is tied to public transit, specifically: budgeting. Democrats have pushed for more generous funding for transit but have received pushback from Senate Republicans. The debate over transit funding could further postpone the already delayed timeline of the infrastructure bill.
The transit debate aside, Congress has made otherwise constructive development in finalizing the deal as a whole. On Sunday, Sen. Rob Portman (R-OH), the lead GOP negotiator from a bipartisan group, stated that the Senate was “about 90% of the way there” when discussing the infrastructure bill as a whole. The Senate is looking to reach an agreement prior to their August recess, in an effort to not further delay progress.
Will Amazon Accept Bitcoin?
Bitcoin recently jumped back up to trading above $39,000 for the first time since June, following an unconfirmed single-source story that Amazon is looking to accept Bitcoin payments. The cryptocurrency’s prices soared after Amazon “Published a job advertisement for a cryptocurrency and blockchain lead.” The source also claims that Amazon may also be looking to unveil its own token for 2022.
Another cause of the coin’s price increase may stem from the positive trend in conversation from other high-status figures like Elon Musk, Jack, Dorsey, and Cathie Wood. Musk recently confirmed owning the cryptocurrency Ethereum, raising its price alongside Bitcoin’s this past week.
Smooth Criminal: IRS Warns of Child Tax Credit Fraudsters
On July 15, the IRS began distribution of Child Tax Credit (CTC) advanced payments to qualified taxpayers as per provisions under Biden’s American Rescue Plan. Not long after, the agency’s Criminal Investigation division came out with a statement warning taxpayers about scams and phishing related to the credit.
The IRS clarified that: “Any communication offering assistance to sign up for the Child Tax Credit or to speed up the monthly payments is likely a scam.” The IRS automatically enrolls qualified individuals for the credit based off the information provided in the taxpayer’s 2020 or 2019 tax returns. As such, “The IRS does not initiate contact with taxpayers via e-mail, text messages, or social media channels to request personal or financial information, even information related to the Child Tax Credit.”
Taxpayers are reminded that the IRS will never reach out directly via phone requesting financial information. When in doubt, always consult your tax professional at DSJ for assistance navigating the CTC or any suspicious contact with the IRS.
Thoughts? Give us a call at 516-541-6549, visit our website for more news updates, and don’t forget—have a great week!