Lahti, Lahti & O'Neill, P.C. Blog

By Stephen T. O’Neill

On Thursday, May 25, 2017 Mia and Michael Lahti were honored by the Bristol County (Massachusetts) Bar Association at the Association’s annual dinner held at the Venus de Milo Restaurant in Swansea, Massachusetts.

During the evening, Mia and Michael received the 2017 Pro Bono Publico Award.  This was given to them “In recognition of their outstanding contribution of legal services to ensure access to justice for poor and low income residents of Bristol County, Massachusetts.”

By Michael T. Lahti

2017 Tax Reform for Economic Growth and American Jobs
The Biggest Individual and Business Tax Cut in American History

Goals For Tax Reform

• Grow the economy and create millions of jobs
• Simplify our burdensome tax code
• Provide tax relief to American families — especially middle-income families
• Lower the business tax rate from one of the highest in the world to one of the lowest

By Michael T. Lahti

As reported in Tax Notes, a series of bills proposed by Rhode Island Rep. Robert A. Nardolillo III (R) would reduce the state sales tax rate, repeal the estate tax, and eliminate the tangible personal property tax — all by July 1, 2017.  The first bill (H. 6005), filed March 24, would cut the state’s current 7 percent sales tax rate to 3 percent. The second bill (H. 6029), filed March 30, would eliminate Rhode Island’s estate and transfer taxes. The third bill, which Nardolillo has yet to formally introduce, would repeal the tangible personal property tax.

By Michael T. Lahti

We thought our clients would appreciate a summary of some of the federal legislation that may affect them.

Tax Overhaul

Legislative Purpose

Congressional tax-writers want a revamp of the tax code.

Bill Status

House: A blueprint for tax reform released in June 2016 calls for a 20 percent corporate tax rate; a shift to territorial taxes on overseas income under destination-based taxes; a border adjustability provision that would tax imported goods but exempt exports; three tax brackets at 12 percent, 25 percent and 33 percent for individuals; a 25 percent tax rate for pass-throughs; and a repeal of the estate tax and alternative minimum tax.  Senate: Senate Finance Committee Chairman Orrin G. Hatch (R-Utah) had been working on a dividends-paid corporate integration idea as a way to eliminate double taxes on corporate income. However, he hasn't released the plan and has said he is now focused on a broader tax reform effort.   White House: The Trump administration's reform plan will be released within weeks, a White House official said Feb. 9. 

By Michael T. Lahti

The Washington, D.C. city council recently passed an aid-in-dying law that was signed by the mayor. Congress had 30 days to overturn it; but the 30 days period expired last week, and the law became effective on February 18, 2017.  

Although there was a resolution from the House Oversight Committee, the resolution wasn't voted on by the House, so the law became effective.  This makes Washington, D.C., the seventh place in the U.S. to legalize assisted suicide.  

By Alicia L. Hoffman

Whether you are a long time Lahti, Lahti & O’Neill, PC client, or have just recently met with us, you have probably noticed the same trend; we ask a lot of questions.  From the status of your health, to the age of your children, to the value of your assets, we want to know it all. You may be wondering why we are so inquisitive. 

In the realm of estate planning and elder law, we make sure no stone goes unturned. When you come to us for advice, we make sure we find out as much information as possible about you, your family, your assets, as well as your wishes and goals. Not only are we using this information to draft estate planning documents for you, but we want to make sure we’ve ruled out any other concerns that you may not have considered, such as estate taxation or exposure to creditors.

By Michael T. Lahti

On December 14, 2016, President Obama signed the 21st Century Cures Act. The package included the long-awaited Special Needs Trust Fairness Act, which corrects an error in the law that presumes that all persons with disabilities lack the mental capacity to handle their own affairs.  Reps. Glenn “GT” Thompson (R-PA) and Frank Pallone (D-NJ) along with Sens. Chuck Grassley (R-IA) and Bill Nelson (D-FL) worked diligently to ensure this common sense fix became law.

By Michael T. Lahti

If you are a user of “virtual” currency such as Bitcoin, be careful.  The IRS recently issued a summons to Coinbase (a major player in the virtual currently world), and is looking for people who use Bitcoin to evade taxes.  The summons requested records of all customers who bought virtual currency from the company, from 2013 to 2015.  The IRS thinks, probably correctly, that many people are using the virtual currency to avoid taxes.

Read more . . .

By Michael T. Lahti

The Massachusetts Department of Revenue has issued a technical information release announcing the expansion of its simplified process for tax return filing extensions.  This will include individuals, fiduciaries, partnerships, and estates, beginning with tax returns due on or after December 5, 2016.

Read more . . .

By Michael T. Lahti

It seems as if the perfect storm for some serious tax reform has arrived.  Consider this; for a long time political gridlock has made tax reform impossible. But now, with Donald Trump as president-elect, and with majorities in both the House and Senate, the chance for substantive tax change is almost a certainty.  That is not to say that passage of a sweeping tax reform will be easy, with two noteworthy nettlesome issues, they being a lack of money, and special interest politics.

By Michael T. Lahti

In this blog I would like to write about my recent health episode, as it put in clear focus why estate planning is so important.

During a routine yearly “scope,” I become one of the approximately one in 200 persons who gets a “bleed.”  What this means is that an artery was nicked during the procedure.