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Infrastructure Investment and Jobs Act

By Amber Stevenson

The Infrastructure Investment and Jobs Act, signed by President Biden earlier this week, contains many provisions related to individuals, businesses, information reporting, pensions and excise tax. Contained here is a high-level overview of some of the key provisions that may impact you or your business. For more detailed information, please contact us to discuss how these provisions relate to your specific tax situation.

Individual Provisions

  • Automatic extension of certain deadlines for taxpayers affected by disasters
    • A mandatory, automatic 60-day extension period applies to qualified taxpayers impacted by federally declared disasters.
  • Combat-zone filing extension applies to more tax-related filings
    • Individuals who are in the military are entitled to a period of extension. The period of extension applies to certain tax-related acts (e.g., filing returns, paying tax and filing Tax Court petitions) by taxpayers or by the government.
  • Tolling of time for filing a petition with the Tax Court
    • In any case in which a “filing location” is inaccessible or otherwise unavailable to the general public on the date a Tax Court petition is due, the relevant time period for filing that petition is tolled for the number of days within the period of inaccessibility plus an additional 14 days.
  • Authority to postpone certain tax deadlines by reason of significant fires
    • The IRS can suspend filing and payment requirements for taxpayers affected by federally declared disasters or terroristic or military actions. The Act amends the code to add “significant fire” to the list of events that allow the IRS to suspend filing and payment requirements.

Guidance on NOL Carryback

by Amber Stevenson

The IRS has provided guidance for taxpayers who wish to waive or reduce the amount of net operating loss (NOL) that must be carried back related to NOLs arising in tax years beginning in 2018, 2019 and 2020 (Rev. Proc. 2020-24).  It has also extended the deadline for filing an application for tentative carryback adjustment under Section 6411. This extension applies to NOLs that arose during a tax year beginning in 2018 and ending on or before June 30, 2019.


Individual Tax Relief Measures Addressing the Coronavirus

By Michelle Puma

During these challenging and unprecedented times, your highest priority is certainly the health of yourself and your loved ones.
However, to assist taxpayers with the economic pains caused by COVID-19 (commonly referred to as Coronavirus), the Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed on March 27th. This Act contains a massive amount of relief and with it, a complexity that may be difficult to unravel. We have included the most salient points for each aspect of the law and separated them into categories (business and individuals) to assist with categorization. Please note there is some overlap of these provisions, therefore you might want to read each section below to determine what might apply to you. The provisions of the Act will apply to our clients to varying degrees; however, we have summarized the key components below.


San Jose Business Tax Certificate – Recent Law Change


The City of San Jose has changed the ordinance covering owners of residential and nonresidential rental property located within the City limits. The new ordinance requires owners of one or more rental units to register with the City, obtain a Business Tax Certificate, and pay an annual fee.

The City extended the deadline to register and pay the required tax to December 15, 2017, to allow additional processing time for the increased persons that now are required to register. If the payment of the business tax is made after December 15, 2017, then interest and penalties will accrue retroactive to July 1, 2017.


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Crawford Pimentel
Certified Public Accountants
1550 The Alameda #211
San Jose, CA 95126
Phone: (408) 942-6888
Fax: (408) 942-0194
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