Tax Deadline: Make a Decision, Already!!!

The Biden Administration Corporate Tax Proposal

Make a Decision, Already!!!

Ways and Means Chair Joins In Calling for the IRS to Push Back the April 15 due Date:
https://www.currentfederaltaxdevelopments.com/blog/2021/3/9/ways-and-means-chair-joins-in-calling-for-the-irs-to-push-back-the-april-15-due-date

https://waysandmeans.house.gov/media-center/press-releases/unprecedented-conditions-neal-pascrell-urgently-demand-irs-extend-2021

Passed House on first draft on 2/27/2021 by 219 to 212… by about 7 votes out of 431 voting (about 1.6%).
Senate passed their revised version by 50 to 49 (One (R) Senator was absent for a funeral) on March 6th. That is about as close as close can be.
Now the House will vote soon on the version revised by the Senate…if there are no big hick-ups it will go to the President to sign (who has said he will).

“The House will take a procedural vote later Tuesday before moving to final passage of the plan, expected Wednesday, House Majority Leader Steny Hoyer’s office said. Mr. Biden would then have the measure on his desk before key unemployment programs expire March 14.” https://www.cbsnews.com/news/covid-relief-package-american-rescue-plan-house-vote/

“The COVID-19 relief package provides $1,400 direct payments to individuals making up to $75,000 annually, $350 billion in aid to state and local governments — a sticking point in past negotiations between Republicans and Democrats — and $14 billion for vaccine distribution. The measure also includes an additional $300 in weekly jobless benefits through September and a child allowance of up to $3,600 per family.”

Deloitte: Tax News & Views Capital Hill Briefing: $1.9 trillion COVID relief package clears Senate
https://dhub.blob.core.windows.net/dhub/Newsletters/Tax/2021/TNV/210306_1.html?elqTrackId=eb7a78c6448a437198219578c2325ff3&elq=b22afc96a01349768c313e9144e26731&elqaid=82042&elqat=1&elqCampaignId=15338

Greenstein Rogoff Olsen & Co
rcohen@groco.com
510-797-8661

/Ron Cohen, CPA, MST
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