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 Bring in a New Partner
How to Bring in a New Partner By Matt Dickstein, Business Attorney In this article, I will give you a quick overview of how do you buy into a company to bring in a new shareholder or partner to help with your business. If you are on the other side of the table as…
The Pros & Cons of S-Corporation Status
The Pros & Cons of S-Corporation Status If the number of shareholders in your corporation is small, you may think that becoming an S-Corporation is the right move, but you should weigh the advantages and disadvantages first. Advantages of S-Corporation Status One of the main advantages of S-Corporation status is that it avoids the double…
What is Sole Proprietorship?
What is Sole Proprietorship? A sole-proprietorship is a business that is owned by one person or by a husband and wife. Unless the business is formed as a corporation or a limited liability company, it will be a sole-proprietorship by default. One of the biggest advantages of operating a business as a sole-proprietorship is that…
Conducting Your Business as a Corporation
Conducting Your Business as a Corporation The limited personal liability of a corporation isn’t ironclad. In the event the business ends up owing more money to a creditor than it has the ability to pay, the creditor will then look to the business owner. Under a legal theory known as “piercing the corporate veil,” if…