On April 28, 2021, President Biden introduced the $1.8 trillion American Families Plan. Included within were several major proposed tax changes that Congress will deliberate between now and the end of the year.
Below are five key tax proposals that we are watching between now and year-end:
On Monday, the IRS issued guidance with details on its postponement of the April 15th tax deadline for individuals. Their initial notice of extension of the deadline to May 17th lacked clarity as to whether the extended due date also applied to certain other items traditionally tied to the April 15th deadline, such as 1st quarter estimated tax payments, IRA contributions and HSA contributions. While Monday’s clarification notice did not provide for a full extension of all items historically due on April 15th, it did provide some necessary guidance.
During his presidential campaign, Joe Biden outlined his tax policy proposals, which included rolling back some key provisions of the recent Tax Cuts and Jobs Act (TCJA). Even though tax reform may be on hold for 2020 or 2021, below we take a look at some of the key proposals of the "Biden Tax Plan" compared to current law.
In the midst of the developing coverage of the coronavirus, individuals should not lose sight of significant planning opportunities -- some of which are tied to recent market volatility. Included within are some strategies that we are evaluating with our clients.
In some welcome relief, the IRS recently announced that the tax filing and payment deadline would be extended to July 15th. But what about the deadline for your IRA contributions and upcoming estimated tax payments? Here's what we know so far:
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