2020 IRA Contributions Extended To May 17
In Today’s Show:
1) Clarification: The deadline for IRA contributions for 2020 is also extended to May 17, 2021.
2) Just don’t forget those Q1 Estimated Tax Payments still due 4/15/2021; But Congress is asking the IRS to also extend this to May 17, 2021.
3) Key Senator says (D)s don’t have the votes to increase the U.S. Corporate Tax rate to 28%
4) California AB 80 is still unresolved – Shame, Shame, Shame.
5) Is the U.S. government in DEFAULT for not paying refunds??? Ask around.
6) Proposed changes to the International Tax Framework.
Greenstein, Rogoff, Olsen & Co., LLP
1) Deadline for IRA Deductions also Extended to May 17, 2021
The IRS clarified Taxpayers may be able to claim a deduction on their tax return (2020 tax returns are due by May 17, 2021) for contributions to their Individual Retirement Arrangement (IRA) made through May 17, 2021. That is, they have beyond April 15, 2021 to make contributions for the 2020 tax year. There is no longer a maximum age for making IRA contributions. There are still income limitations and issues if you are covered by a retirement plan at work!!
2) Members of Congress request estimated tax deadline postponement (for the 2021, Q1 Estimated Tax Payment due April 15, 2021):
3) Joe Manchin Says Senate Democrats Do Not Have Votes to Raise Corporate Taxes to 28 Percent
Sen. Joe Manchin (D-WV) conveyed Monday there are not enough votes in the Senate to pass President Joe Biden’s $2.25 trillion infrastructure proposal due to six or seven Democrats who oppose raising the corporate tax rate to 28 percent.
“Senator Joe Manchin just said Democrats do not have the votes to pass the American Jobs Plan in the U.S. Senate. Manchin says he knows of 6 or 7 Democrats who agree hiking the corporate tax rate to 28% would put the country’s competitiveness at risk,” according to a Fox Business reporter.
If Manchin’s vote count is accurate, it indicates Biden may have a tough time raising corporate taxes above the 25 percent rate … China charges American businesses. The United States’ current corporate tax rate, set by former President Trump, stands at 21 percent.”
You Decide whose right…I’m just telling you what they are saying….
3) California AB 80 is STILL unresolved for PPP related deductions. Shame, Shame, Shame….
Now: Going into Rocket Science…one of my favorite issues, International Tax
“Senator Wyden unveils international tax ‘framework”
In this episode we cover, how Joe Manchin blocks The Build Back Better Bill again, Hungary wants to be left alone, more proposed Low Income Housing Credits, and the 3.8% tax expansion proposal is criticized by the real estate industry. Tax Update with Ron · Episode 22, Joe Manchin Blocks The Build Back Better Bill…
I have some exciting American Dreams Show news. The host, Alan Olsen has written the first book based on the AD interviews! Other books have cited one or more of the interviews, but this one goes into far more details. Below is a letter from author himself describing the book… From Alan… Dear Friend, I…