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Strobl PLLC

Strobl PLLC

Business and Corporate Law Firm

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(248) 540-2300

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    • Henry J. Andries, Jr.

      Henry J. Andries, Jr.

      Member

      Phone: 248.205.2710

      Office: Bloomfield Hills, Michigan

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      Practice Areas

      Business Law, Commercial Contracts, Corporate Law, Healthcare Law, Labor & Employment, Litigation, Real Estate, Tax

      Experience

      Since 1995, Henry J. Andries, Jr. has engaged in private practice with a concentration in employment law, complex civil litigation...

    • Lynn M. Brimer

      Lynn M. Brimer

      Member

      Phone: 248.205.2772

      Office: Bloomfield Hills, Michigan

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      Practice Areas

      Banking & Financial Services, Bankruptcy & Creditor's Rights, Business Law, Commercial Contracts, Corporate Law, Litigation, Mergers & Acquisitions, Non-Profit Law, Real Estate, Tax

      Experience
      • Assist taxpayers with representation before the internal Revenue Service, the State of Michigan Department of Treasury and other taxing authorities...
    • Russell G. Carniak

      Russell G. Carniak

      Of Counsel

      Phone: 248-205-2721

      Office: Bloomfield Hills, Michigan

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      Practice Areas

      Business Law, Commercial Contracts, Corporate Law, Litigation

      Experience
      • Represents business interests in any dispute, accompanied with a commitment to understanding their businesses and the challenges they face in...
    • Jon P. Everly

      Jon P. Everly

      Managing Member

      Phone: 248.205.2759

      Office: Bloomfield Hills, Michigan

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      Practice Areas

      Business Law, Commercial Contracts, Corporate Law, Estate & Succession Planning, Non-Profit Law, Real Estate, Tax

      Experience
      • Advises closely held businesses and their owners in a broad range of legal matters, including formation, taxation, succession planning, and...
    • Michael L. Geller

      Michael L. Geller

      Member

      Phone: 248.205.2770

      Office: Bloomfield Hills, Michigan

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      Practice Areas

      Business Law, Commercial Contracts, Corporate Law, Healthcare Law, Labor & Employment, Litigation, Real Estate

      Experience
      • Advises and assists clients in the creation and structuring of their business entities.
      • Regularly counsels clients relative to employment issues that...
    • Jeffrey T. Goudie

      Jeffrey T. Goudie

      Associate

      Phone: 248-205-2767

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      Practice Areas

      Banking & Financial Services, Business Law, Commercial Contracts, Corporate Law, Real Estate

      Experience
      • Represents financial institutions in licensing matters, regulatory matters, and transactional matters
      • Provides vendor contract review for financial institutions
      • Litigates title issues and...
    • Evan H. Kaploe

      Evan H. Kaploe

      Senior Counsel

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      Practice Areas

      Bankruptcy & Creditor's Rights, Business Law, Commercial Contracts, Estate & Succession Planning, Mergers & Acquisitions, Tax

      Experience
      • Assists clients involved in audit, appeals, and collection matters with the Internal Revenue Service or State taxing authorities.
      • Represents clients in...
    • Michael A. Kus

      Michael A. Kus

      Of Counsel

      Phone: 248-205-3090

      Office: Bloomfield Hills, Michigan

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      Practice Areas

      Banking & Financial Services, Business Law, Commercial Contracts, Corporate Law, Real Estate

      Experience
      • Advises financial institutions on compliance and regulatory laws and policies and procedures
      • Provides guidance and assistance to banks and thereby reducing...
    • Jay R. LaBarge

      Jay R. LaBarge

      Member

      Phone: 248.205.2778

      Office: Bloomfield Hills, Michigan

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      Practice Areas

      Banking & Financial Services, Business Law, Commercial Contracts, Corporate Law, Estate & Succession Planning, Healthcare Law, Mergers & Acquisitions, Non-Profit Law, Real Estate, Tax

      Experience
      • Advises clients on a full range of real estate matters, including drafting and negotiating purchase agreements and residential, commercial and...
    • Brian J. McCullough

      Brian J. McCullough

      Of Counsel

      Phone: 248.205.2715

      Office: Bloomfield Hills, Michigan

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      Practice Areas

      Business Law, Commercial Contracts, Corporate Law, Estate & Succession Planning, Healthcare Law, Real Estate

      Experience
      • All legal aspects pertaining to healthcare providers, including licensing, certification issues, survey and compliance issues, Medicare, Medicaid and other insurance-related...
    • Pamela S. Ritter

      Pamela S. Ritter

      Member

      Phone: 248.205.2765

      Office: Bloomfield Hills, Michigan

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      Practice Areas

      Banking & Financial Services, Bankruptcy & Creditor's Rights, Business Law, Commercial Contracts, Corporate Law, Litigation, Real Estate

      Experience
      • Counsel to lenders in a range of loan origination transactions, including commercial and industrial loan facilities, real estate and construction...
    • James A. Rocchio

      James A. Rocchio

      Of Counsel

      Phone: 248.205.2748

      Office: Bloomfield Hills, Michigan

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      Practice Areas

      Bankruptcy & Creditor's Rights, Business Law, Commercial Contracts, Corporate Law, Estate & Succession Planning, Mergers & Acquisitions, Tax

      Experience

      Mr. Rocchio has deep expertise in the area of taxation. Over the course of his legal career, he has counseled...

    • Nelson B. Stieper

      Nelson B. Stieper

      Of Counsel

      Phone: 248.205.2742

      Office: Bloomfield Hills, Michigan

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      Practice Areas

      Estate & Succession Planning

      Experience
      • Performs probate and trust administration, revocable and irrevocable trusts, wills, special needs planning, gift planning, and asset protection
      • Advises on divorce,...
    • Thomas J. Strobl

      Thomas J. Strobl

      1942 – 2023

      Phone: 248.205.2713

      Office: Bloomfield Hills, Michigan

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      Practice Areas

      Banking & Financial Services, Business Law, Commercial Contracts, Corporate Law, Labor & Employment, Mergers & Acquisitions, Real Estate, Tax

      Experience
      • Advises a broad spectrum of purchasers and sellers in merger and acquisition transactions involving primarily private companies.
      • Represents financial institutions and...
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Tax Breaks for Michigan Flood Victims

January 12, 2015

4 Ways to Gain from Your Loss

By James Rocchio

Tax breaks for MI flood victimsMichigan taxpayers who were adversely affected by the severe storms and flooding that began on August 11, 2014, may qualify for tax breaks from the Internal Revenue Service (IRS). Macomb, Oakland and Wayne counties were declared a federal disaster area because of the storms. The federal designation means flood victims who reside, or have a business in these counties, can look forward to help from the IRS in a few ways.

1.  Deductions for losses not covered by insurance

Property losses not covered by insurance or other reimbursements may be deducted if they are at least $100 and more than 10 percent of your income. You multiply your income by 10 percent and subtract $100 to calculate your deduction. For example, if your income is $50,000 and your loss is $10,000, you will have a deduction of $4,900.

You need to document the damages and photos are helpful if you have them. For losses in the tens of thousands of dollars, you should bring in an appraiser to verify the extent of your claim.

2.  Timing of loss deductions

Taxpayers in the disaster area have the option of claiming disaster-related losses on their federal tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get you your money faster. However, waiting to make the claim on this year’s return could get you a greater tax savings, depending on other income factors.

If you decide to claim the deduction on last year’s return, put the disaster designation “Michigan/Severe Storms and Flooding” at the top of the form so the IRS can expedite the refund.

3.  Federal extension of filing and payment deadlines

Certain deadlines that fall on or after August 11, 2014, and on or before January 15, 2015, have been extended through January 15 by the IRS. This applies to corporations and businesses that previously obtained an extension until September 15, 2014, to file their 2013 returns as well as individuals and businesses that received a similar extension until October 15. It also includes the due date for the estimated tax payment for the third quarter of 2014, which would normally be due on September 15. The IRS automatically identifies taxpayers located in the disaster area and applies filing and payment relief.

There is more information on the IRS relief for Michigan flood victims on the IRS web site.

4.  Michigan Department of Treasury extension

The Michigan Department of Treasury will observe the IRS tax filing extension granted to taxpayers who were adversely affected by the severe storms and flooding.

For Michigan individual income tax purposes, the third quarterly installment of estimated tax payments may be made any time on or before January 15, 2015.  Individual annual income tax returns previously extended to October 15, 2014, may be filed on or before January 15, 2015.  The Michigan Department of Treasury will waive any penalty and/or interest charges for late filing.

For Michigan business and corporate income tax purposes, any filings and payments due on or after August 11, 2014, and on or before January 15, 2015, will be considered timely if made by January 15.

So don’t let your flood damage drown you in losses; look to these tax breaks for relief instead.

Attorney James (Jim) Rocchio’s tenure as a “Big 8” Certified Public Accountant gives him the added capability to prepare all corporate, partnership, individual, gift, estate, trust, and not-for-profit federal and state filings. He serves as outside general counsel for many privately held companies and advises them on a variety of business law needs, including commercial, corporate and tax matters.

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At Strobl PLLC, our attorneys are committed to your team. We collaborate with clients to share our expertise and guide them to success.

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33 Bloomfield Hills Parkway, Suite 125
Bloomfield Hills, MI 48304

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