Politics & Taxes

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 SanctionsAlert.com 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 »

Want to talk intelligently about Trump and Clinton’s Tax Plans? Here’s help:

June 23rd, 2016 by Lapekas Law Staff

It’s officially summer and the election season is officially hot. Hilary is officially the Democratic nominee and Trump is still only “presumptive.” But unless Republican delegates conduct a successful coup d’etat (isn’t anything possible this year?) he will soon be an official nominee as well.

For those who take sides primarily on economic—rather than social—issues, understanding the candidates’ tax plans is critical. And lest you add even more hot air to the debate, to understand a tax plan you must understand the numbers. Read the rest of this entry »

Today’s House Bill: Slashing the IRS Budget. But we’ll pay for it…

July 9th, 2013 by Lapekas Law Staff

Last month, news outlets were in an uproar over the $4.1 million the IRS spent on a 2010 employee-training conference held in Anaheim, California. Much of the controversy surrounded the approximately $50,000+ spent on obnoxious training videos with little redeeming or educational value. Other amounts spent ($133,000 to hire outside speakers at the event) also raised ire. These controversial expenses, as well as the controversy surrounding the IRS’ disproportionate scrutiny of conservative organizations’ tax-exempt status applications, have kept reporters busy. Read the rest of this entry »

Another day, another scandal. Today’s is revealed in the Staff Report for the U.S. House of Representatives Committee on Government Oversight and Reform.

June 25th, 2013 by Lapekas Law Staff

News Flash!

Today Darrell Issa, Chairman of the U.S. House of Representatives Committee on Government Oversight and Reform released a 157-page Staff Report finding that Braulio Castillo, President and CEO of Strong Castle, Inc., an information technology company, thanks to a “cozy relationship” with IRS Deputy Director for IT Acquisition, Greg Roseman, obtained government contracts potentially worth over $500 million. The Report cited that “Castillo and Roseman had a long-term friendship that extended well beyond a professional relationship . . .” which was evidenced, in part, by numerous text messages, many of which contained vulgar material.

This may be today’s news, but it’s the same old story. Read the rest of this entry »