Lisa B. Petkun Quoted in MarketWatch Article, 'How the $2.2 Trillion CARES Act Helps Americans Save Money on Their 2019 Taxes'
Lisa B. Petkun, of counsel in the Tax and Estates Practice Group of Pepper Hamilton, was quoted in the May 28, 2020 MarketWatch article, " How the $2.2 Trillion CARES Act Helps Americans Save Money on Their 2019 Taxes."
There's actually very few tax breaks for many average individual filers in the coronavirus-related bills, according to attorney Lisa Petkun, an attorney at Pepper Hamilton, which is headquartered in Philadelphia. Those provisions apply during next year’s tax season, she noted.
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Nevertheless, Petkun wondered if the IRS would be more lenient about enforcing penalties for people who cannot pay their taxes this year. To avoid penalties, the IRS says filers need to show a "reasonable cause" about why they cannot meet their tax obligations.
Between the IRS's role sending out millions of stimulus checks and issuing guidance on coronavirus-related tax matters, the agency "really has its hands full," Petkun said.
"There's not a whole lot of wiggle room under the law, but still, there is discretion," she said.