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.
Don’t Expect to Find These Deductions When You File This Year
Don’t Expect to Find These Deductions When You File This Year A lot has been made of the all the tax changes this year, thanks to the Tax Cut and Jobs Act. Many of the laws have been altered and some have been completely eliminated. Certain credits have been cut, while others have been increased.…
Florida Man Tries to Keep Huge Tax Refund That Was A Mistake
Florida Man Tries to Keep Huge Tax Refund That Was A Mistake Just about every taxpayer eagerly waits for his or her tax refund this time of year. No matter what they plan to do with it, taxpayers can’t wait for that fat check from the IRS. But what if you somehow got a huge…
How Much Will Amazon Pay in Taxes on $11.2 Billion in Profit?
You might think a company that makes more than $11 billion in profit would have a huge tax bill. After all, that makes complete sense. However, in the case of Amazon, the online retail giant, their tax bill is quite small. In fact, according to recent reports, the company will be paying a whopping $0…
How to Claim Deductions for the Business Use of Your Vehicle
How to Claim Deductions for the Business Use of Your Vehicle One of the most common tax deductions for those who have a business is the use of a vehicle. If you use your vehicle for business then depending on your situation, you could reduce your business income significantly. That could be a big boost…