Tax Deadline: Make a Decision, Already!!!
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
Sec1045 Partnerships
Sec1045 Partnerships This document contains final regulations relating to the application of section 1045 of the Internal Revenue Code (Code) to partnerships and their partners. These regulations provide rules regarding the deferral of gain on a partnership’s sale of qualified small business stock (QSB stock) and a partner’s sale of QSB stock distributed by a…
Sec179 Businessequipment
Updated: 11/12/10 Most new business equipment can be either depreciated over its useful life or expensed immediately under Internal Revenue Code Section 179. The maximum deduction is based on the following schedule for the date in which the tax year begins. Each 1040, whether Single or Joint, is limited to one maximum. 179 expenses passed…
Sec1244 Small Business Stock Sales
Sec1244 Small Business Stock Sales Section 1244 of the Internal Revenue Code, the small business stock provision, was enacted to allow shareholders of domestic small business corporations to deduct as ordinary losses, losses sustained when they dispose of their small business stock. In order to receive this beneficial treatment, the Code prescribes specific requirements for:…
Section 1202: Small Business Stock Gain Exclusion
What is Section 1202 Stock? In December 2015, the Protecting Americans from Tax Hikes Act of 2015 (“PATH Act”) was passed by Congress and signed into law by President Barack Obama. The PATH Act made several tax breaks permanent, including the Small Business Stock Gains Exclusion (Section 1202). The new law makes permanent the exclusion…