Current Important Topics

IRS 1095-B-C – Extended Due Dates

The Internal Revenue Service (IRS) has published a proposed rule that would
provide an automatic extension of the filing due dates for the following
information returns related to health care reform:

• 1095-B – Health Coverage
• 1095-C – Employer-Provided Health Insurance Office and Coverage

Furnishing Information to Taxpayers

Under the proposed rule, information being furnished to individual taxpayers would be
considered on time if it is sent within 30 days of the normal due date. In addition,
taxpayers may rely on this proposed rule until a final rule is published.

For tax year 2021 the following due dates apply:

• Normal Tax Date – 01/31/22
• Automatically Extended Due Date – 03-02-22

Reference: Federal Register; December 6, 202;’ pp. 65939-68948

FDIC – Deposit Insurance Simplification

The Federal Deposit Insurance Corporation has published a final rule that will simplify
deposit insurance coverage for trust accounts and mortgage servicing accounts.

• Trust Accounts – the final rule provides a simple, consistent formula for
  calculating deposit insurance coverage for all trust accounts.
  • Combined Categories and Deposit Insurance Coverage
• Mortgage Servicing Accounts – the final rule includes principal, and interest funds
  advanced by a mortgage servicer in the deposit insurance calculation.

The effective date is April 1, 2024

Emerging Issues

Community Bank Relief Act / H.R. 6145

12/07/21 – Introduced in the House by Tracey Mann

Key Provisions:

• Would extend regulatory flexibility for community banks by directing
  regulators to maintain a Community Bank Leverage Ratio (CBI.R)
  somewhere between 8.0% and 8.5% through 12/31/24.
• The CBI.R is currently scheduled to increase to 9% when the
  temporary relief provided by Section 4012 of the CARES Act expires
  on 12/31/21.

Infrastructure Investment and Jobs Act / H.R. 3684

06/04/21 – Introduced in the House by Peter A. DeFazio

Key Provisions:

• Would require Form 1099-B reporting for digital asset transactions
  beginning with tax year 2023 (i.e., Forms 1099-B mailed in early
  2024).
• Would expand the definitions of “broker” to include any person who is
  responsible for regularly providing any service effectuating transfers
  of digital assets.
• Would define a “digital asset” as any digital representation of value
  which is recorded on a cryptographically secured distributed ledger.