Alerts & Updates
Second Circuit Adopts "Management and Control Test" For Limited Partner Self-Employment Tax Exclusion
October 7, 2026As a rule, an individual partner’s distributive share of ordinary business income is included in net earnings from self-employment under Internal Revenue Code § 1402(a) and is subject to federal self-employment tax.
IRS Proposes to Eliminate Reporting Requirements on Charitable Contributions for Certain Trusts
August 18, 2026The IRS has proposed regulations that would eliminate an often-overlooked information reporting requirement for certain trusts whose charitable deductions arise solely from charitable contributions made by a partnership or S corporation in which the trust holds an interest.
IRS Implements Automatic Penalty Relief for First-Time Offenders
July 30, 2026The most common administrative penalty waiver provided by the IRS is through the First-Time Penalty Abatement Program (FTA).
IRS Offers Safe Harbor For Trump Account Contributions
July 16, 2026Created under the One Big Beautiful Bill Act, Trump Accounts are a new, custodial-style traditional IRA that can be established for any U.S. citizen who has not reached age 18 during the calendar year and has a Social Security number.
Connecticut Supreme Court Clarifies Standards Governing Estate Tax Domicile Disputes
July 1, 2026In an important decision for part-time Connecticut residents, the Connecticut Supreme Court recently clarified the standards governing estate tax domicile disputes.
New York Enacts New Tax Surcharge on Non-Primary Residences
June 17, 2026New York State recently passed its 2026–2027 Budget Bill introducing a new surcharge on residential properties in New York City that are not used as the owner's primary residence. If you own a second home, investment property, or pied-à-terre in New York City, this new law could impact your property tax bill starting this summer.
Connecticut Enacts Sweeping Workforce and Employment Reforms Under HB 5003
May 26, 2026Governor Ned Lamont signed House Bill 5003, An Act Concerning Workforce Development and Working Conditions in Connecticut, into law on May 11, 2026. The Act introduces broad changes affecting wage transparency, workplace accommodations, contractor liability, and employee protections across multiple industries.
Cummings & Lockwood’s 2025 Firmwide Annual Update
March 17, 2026We are pleased to share with you Cummings & Lockwood’s 2025 Firmwide Annual Update which highlights the work we have performed this past year for our clients, the support we have provided to non-profit organizations in our communities, and our core principles and values which serve as the foundation for our relationship with clients.
Fifth Circuit Rejects "Passive Investor" Test For Limited Partner Self-Employment Tax Exclusion
February 19, 2026As a rule, an individual partner’s distributive share of ordinary business income is included in net earnings from self-employment under Internal Revenue Code § 1402(a) and is subject to federal self-employment tax.
US Postal Service Disrupts "Mailbox" Rule for Tax Filing and Payment Deadlines
January 6, 2026Under IRC § 7502, a tax return, refund claim or tax payment is deemed to be filed or paid on the date of the postmark stamped on the envelope in which it was mailed even if received by the IRS days or weeks later.
New York Tax Court Approves "Drop and Swap" Technique in Real Estate Like-Kind Exchange
December 16, 2025An IRC § 1031 like-kind exchange (“LKE”) is a tax-deferred transaction in which the taxpayer sells real estate held for productive use in a trade or business or for investment (“qualifying property”) and reinvests the sales proceeds in other qualifying property.
Connecticut Appellate Court Issues Guidance on Asset-Protection Trusts in Divorce
December 9, 2025A recent Connecticut Appellate Court case provides guidance on an important issue in many high-net-worth divorce cases: whether property in asset-protection trusts is “marital property” subject to equitable distribution.