2020 IRA Contributions Extended To May 17
In Today’s 2020 IRA Contributions Extended To May 17 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
rcohen@groco.com
510-797-8661
www.groco.com
1) Deadline for IRA Deductions also Extended to May 17, 2021
https://www.taxpracticeadvisor.com/individual-income-taxes/news/21216368/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):
https://www.journalofaccountancy.com/news/2021/apr/member-of-congress-request-estimated-tax-deadline-postponement.html?utm_source=mnl:cpald&utm_medium=email&utm_campaign=02Apr2021
3) Joe Manchin Says Senate Democrats Do Not Have Votes to Raise Corporate Taxes to 28 Percent
https://www.breitbart.com/politics/2021/04/05/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….
4) https://www.journalofaccountancy.com/news/2021/apr/member-of-congress-request-estimated-tax-deadline-postponement.html?utm_source=mnl:cpald&utm_medium=email&utm_campaign=02Apr2021
Now: Going into Rocket Science…one of my favorite issues, International Tax
From Deloitte:
“Senator Wyden unveils international tax ‘framework”
https://dhub.blob.core.windows.net/dhub/Newsletters/Tax/2021/TNV/210405_1.html?elqTrackId=37561fc6eb2140589f12a22e007273ef&elq=1f967a2d5ebb4a309ce99a2600277d59&elqaid=83401&elqat=1&elqCampaignId=15521
Ron Cohen,
CPA, Partner at Greenstein, Rogoff, Olsen & Co., LLP CPAs & Advisors
Email: rcohen@groco.com
510.797.8661
Click here to listen to more from Ron.
Click here, then scroll down, to see Ron’s bio.
To receive GROCO’s free newsletter, click here.
Click here to learn more about Greenstein, Rogoff, Olsen & Co., LLP (GROCO.com) Advisors to the ultra-affluent.
How to Raise Children That Become Entrepreneurs
How to Raise Children That Become Entrepreneurs By Lauren Hidden Ever since my kids can remember, I’ve worked from home. Sometimes I have to remind them that I’m not sitting home playing with their toys or eating bon-bons when they’re at the babysitter or at school, but for the most part they “get it”. As…
Transferring Assets to a Second Spouse (and to children from the first)
Transferring Assets to a Second Spouse (and to children from the first) Elizabeth and Thomas Carr (names fictitious), both in their late 60s, each have one child from a prior marriage. During the 30-plus years of their marriage, they each have accumulated an estate of over $5 million. The full $1.5 million credit against estate…
The Roth IRA Advantage: A Closer Look
The Roth IRA Advantage: A Closer Look Since its debut in 1997, the Roth IRA, naturally enough, has been sold mainly as a retirement account. To be sure, the prospect of a stream of tax-free income to support a comfortable retirement is a powerful stimulant. To earn that freedom from taxes, you do have to…
Classification of Accepted Patterns of Reorganization
Classification of Accepted Patterns of Reorganization The seven acceptable patterns of reorganization may be classified into three categories: Acquisitive, Divisive, Re-capitalizing. Acquisitive reorganizations Type “A,” “B”, “C,” and acquisitive D, in which one Corporation acquires another corporation’s stock, assets, or some combination of both. Divisive reorganization Type D involves the division of one corporation into…