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 Manage and Beat Stress
How to Manage and Beat Stress There are really two kinds of people in the world: people who act and people who wait to be acted upon. Of course, that’s a generalization, but the reality is, most people fall into these two categories. My father used to say something similar; “there are two kinds of…
Five Mistakes That Can Destroy your Career
Five Mistakes That Can Destroy your Career There all kinds of ways people can end up hurting their careers. Sometimes they make honest mistakes, and in other cases, people make poor choices that can totally ruin their careers. In most cases, people don’t get the boot or destroy their career by one big mistake or…
New York Mayor Wants to Improve Subway System With the Wealthy’s Money
New York Mayor Wants to Improve Subway System With the Wealthy’s Money Have you taken a ride on New York’s Subway system recently? If you have then you might have noticed that it’s in need of some work. Like many other forms of infrastructure, the Subway is getting old and worn down from years of…
Real Estate Investors Saving Big on Taxes
Real Estate Investors Saving Big on Taxes If you invest in real estate then you might be aware of a little tax-friendly trick known as a like-kind exchange. This tax-saving tip can save real estate investors a lot of money every time they sell a property. Under normal circumstances if you sell a property and…