Posted By CPCO | Posted on: November 21, 2021

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.