Richard Neal

New reports indicate 497 high-income taxpayers had over $150 million in their individual retirement accounts, and nearly 25,000 taxpayers had aggregate IRA account balances of $5 million or more.

Signs are mounting that anxiety among congressional Democrats will significantly temper any increases that manage to pass Congress.

The Internal Revenue Service is pushing back the tax-filing deadline until May 17 after heavy pressure from Congress and tax and accounting groups.

Leaders of the House Ways and Means Committee and accounting groups are calling for extending the tax deadline to give the IRS, taxpayers and tax professionals an extra three months.

The legislation would encourage saving earlier by enrolling employees automatically in their company’s 401(k) plan, whenever a new plan is created.

“Americans are relying on Social Security more than ever during this pandemic,” House Ways and Means Social Security subcommittee chairman John B. Larson wrote.

The agency is encouraging taxpayers who have received but not yet responded to a CP-14 notice to promptly do so.

The bill has bipartisan support in the House and Senate.