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.
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.(more…)
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.
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.