News & Insights
Cummings & Lockwood Promotes Five Attorneys to Principal
January 6, 2025Cummings & Lockwood is pleased to announce that the following five attorneys have been elected to Principal effective January 1, 2025: Brianna L. Marquis (Private Clients Group, West Hartford Office), Bonie S. Montalvo (Private Clients Group, Bonita Springs Office), Joseph A. Stusek (Private Clients Group, Naples Office), Matthew N. Turko (Private Clients Group, Palm Beach Gardens Office) and Scott T. Witthuhn (Commercial Group, Stamford Office).
Enforcement of Corporate Transparency Act Suspended Again
December 30, 2024On December 26, a panel of the Fifth Circuit Court of Appeals considering the merits of the challenge to the Corporate Transparency Act (CTA) by Texas Top Cop Shop, Inc. vacated the stay of the injunction against enforcement of the CTA reporting deadlines entered by a motions panel of that Court on December 23.
Corporate Transparency Act Injunction Lifted
December 24, 2024On December 23, 2024, the Fifth Circuit Court of Appeals entered an order staying a District Court injunction that had barred the Financial Crimes Enforcement Network (FinCEN) from enforcing the reporting deadlines under the Corporate Transparency Act (CTA). Reporting entities must again comply with the reporting obligations of the CTA. Please see our prior client alerts on the CTA reporting obligations.
22 Cummings & Lockwood Attorneys Have Been Named Super Lawyers or Rising Stars
December 9, 202414 Cummings & Lockwood attorneys have been selected Connecticut Super Lawyers and Rising Stars, and 8 attorneys have been named Florida Super Lawyers and Rising Stars in 2024.
U.S. District Court in the Eastern District of Texas Issues Nationwide Preliminary Injunction Against Enforcement of the Corporate Transparency Act
December 4, 2024Cummings & Lockwood LLC previously issued client alerts with respect to compliance with the Corporate Transparency Act (the “CTA”).
Catherine Carney-Richman, a Principal in Cummings & Lockwood’s Corporate and Finance Group, was named among the Top 25 Private Equity Attorneys of 2024
November 21, 2024Cummings & Lockwood is pleased to announce that Catherine Carney-Richman, a Principal in our Corporate and Finance Group and based in the firm’s Naples office, was named among the Top 25 Private Equity Attorneys of 2024 by Attorney Intel.
Cummings & Lockwood Was Named Among the 2025 Best Law Firms by Best Lawyers®
November 13, 2024Cummings & Lockwood is pleased to announce that eight of the firm’s practice areas made the list of Best Law Firms in four metropolitan areas in the United States -- Stamford, Hartford, Fort Myers and West Palm Beach -- where Cummings & Lockwood has offices.
The IRS Announces Estate, Gift and Generation-Skipping Transfer (GST) Tax Inflation Increases for 2025
October 23, 2024On October 22, 2024, the IRS officially announced the inflation adjustments for 2025 for the gift and estate tax exemptions. The federal estate, gift and generation-skipping tax exemption will increase to $13,990,000 for 2025 from $13,610,000 in 2024.
Massachusetts Announces Tax Amnesty Program - But You Better Hurry
October 10, 2024The Massachusetts Department of Revenue (DOR) recently announced a tax amnesty program that will allow non-filers and taxpayers with outstanding Massachusetts tax liabilities to pay back taxes and avoid penalties (including interest on penalties) for all filing periods. The Massachusetts Tax Amnesty 2024 Program is open to all taxpayers who are required to file tax returns with the DOR and will run from November 1 through December 30, 2024.
2024 Private Clients Annual Update
September 26, 2024We hope that you and your family are enjoying a healthy and happy 2024. As another year passes, we once again find ourselves facing uncertainty concerning the future of the federal gift, estate and generation-skipping transfer (“GST”) tax regime resulting from both the upcoming 2024 federal elections and the scheduled sunsetting of the Tax Cuts and Jobs Act of 2017 (the “2017 Tax Act”) on December 31, 2025.
Corporate Transparency Act and the New Federal Reporting Requirements
September 20, 2024In this alert, Cummings & Lockwood discusses the Corporate Transparency Act (CTA) and the new federal reporting requirements. The CTA requires all entities to file a report with the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury identifying certain of the entities’ beneficial owners. The alert outlines when the report is due, who is responsible for filing, who is exempt, who has to file and what are the penalties for not filing.
Taxpayer Liable for Taxes on S Corporation Income Embezzled by Other Shareholders
September 5, 2024One of the requirements to be treated as an S corporation for federal income tax purposes is that the corporation can have only one class of stock. This requirement means that all of the outstanding stock must confer identical rights with respect to distribution and liquidation proceeds.