News & Updates

IRS Tax Relief for Individuals and Businesses Impacted by Hurricane Irma

September 20th, 2017 by Lapekas Law Staff

NOAA image of Hurricane IrmaDue to the devastating losses and power outages Florida suffered from Hurricane Irma, the Internal Revenue Service has offered tax relief to affected taxpayers. The IRS  extended the filing deadline for certain individual and business tax returns and tax payments. The tax relief is applicable to tax filing and payment deadlines that were due starting on September 4, 2017.The new filing deadline is January 31, 2018. This new deadline is also extended to individuals and businesses who filed for a filing extension of October 16 (individuals) and September 15 (business).

The extended deadline does not apply to tax payments related to 2016 tax returns because those payments were originally due on April 18, 2017.

The IRS is also waiving late-deposit penalties for federal payroll and excise tax deposits normally due during the first 15 days of the disaster period.
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IRS Thaws Tax Treatment of Cuba, but Embargo Limits Benefits

March 22nd, 2017 by Lapekas Law Staff

post-img-1_360x230The following was published on on 3/14/2016

The thawing of relations between the United States and Cuba is also having consequences on the taxes and tax credits of United States taxpayers. Earlier this month, the US Internal Revenue Service ruled that United States taxpayers are no longer prohibited from taking a “foreign tax credit” for income taxes paid or accrued to the Republic of Cuba.

IRS Revenue Ruling 2016-8, issued on March 1, 2016, is consistent with the loosening of U.S. restrictions on travel to Cuba and its efforts to build deeper diplomatic and other relations with the island nation. The IRS Revenue Ruling will come as welcome news to United States companies and investors who are looking to gain or expand a foothold in Cuba. Read the rest of this entry »

Trump’s 15% Corporate Tax Rate Won’t Kick-Start the Economy

March 21st, 2017 by Lapekas Law Staff

post-img-2_360x230Will Trump’s 15% Corporate Tax Rate Kick-Start the Economy? He Says, “Yes.” History Says, “No.”

Trump’s tax plan calls for cutting the corporate tax rate to 15%. Between the corporate tax rate cut and the cuts to individual taxes, his overall plan would reduce tax revenue by $9.5 trillion over 10 years.[1] But what’s $9.5 trillion when, by “cutting the corporate tax rate to 15%,” America will be able to “compete with the world and win“? [2] Read the rest of this entry »

Will Trump’s Plan Remove the Promised 75 Million Households from the “Income Tax Rolls”?

July 6th, 2016 by Lapekas Law Staff

Trump’s tax plan is getting more than its share of attention. But let’s face it. Debating Hilary’s plan just isn’t as much fun. It isn’t radical enough to feel like real “reform” and it lacks the excitement attendant to wondering how the government will cover 9.5 trillion in lost tax revenue over the next 10 years. [1] Read the rest of this entry »

Considering a Tax-Free Rollover? Take Note of the Tax Court’s Additional Requirement…

September 24th, 2014 by Lapekas Law Staff

Yesterday the U.S. Tax Court added an additional requirement for a distribution from an individual retirement plan (and subsequent contribution to an eligible retirement plan) to qualify as a tax-free rollover. In  Bohner v. Commissioner, 143 T.C. 11 (Sept. 23, 2014) the Tax Court essentially held that an “eligible retirement plan” may determine whether an individual’s IRA rollover is tax-free by simply refusing to “accept” tax-free rollovers—regardless of whether the form of the transaction otherwise qualifies as a tax-free rollover. If you read no farther, take note: before you attempt to conduct a tax-free rollover from one retirement account to another, not only must you be sure it qualifies under IRC § 408(d)(3)(A), but you must also be certain the retirement account to which you are transferring the funds accepts rollovers. “Accepts” means that, not only must the IRA accept the deposit, but it must also accept the tax treatment of a subsequent distribution of that deposit. Read the rest of this entry »