Alerts & Updates
Capital Gain from Sale of Stock by Nonresident is Subject to Massachusetts Income Tax
April 23, 2025On April 3, the Massachusetts Appeals Court ruled in Welch vs. Commissioner of Revenue that the taxpayer was liable for Massachusetts income tax on his sale of stock in a Massachusetts-based company even though the taxpayer was a nonresident of Massachusetts at the time of the sale.
IRS Issues Guidance on Theft Losses Stemming from Scammers
March 31, 2025Internal Revenue Code § 165 provides a deduction for losses sustained during the current taxable year and not compensated by insurance or otherwise, and for which there is no reasonable prospect of recovery.
FinCEN Removes Requirement that Domestic Reporting Companies Disclose Beneficial Ownership Information
March 25, 2025On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) issued an interim final rule removing all requirements that domestic reporting companies disclose their beneficial ownership information (BOI) to FinCEN pursuant to the Corporate Transparency Act (CTA) or update any previously filed report with FinCEN pursuant to the CTA.
FinCEN and U.S. Treasury Department State Intention to Suspend Corporate Transparency Act Enforcement Efforts
March 5, 2025On February 18, 2025, a Texas District Court stayed its order enjoining FinCEN from enforcing the Beneficial Ownership Information (BOI) reporting requirements of the Corporate Transparency Act (CTA). FinCEN subsequently issued new guidance extending the BOI reporting deadline for most reporting companies to file an initial, updated and/or corrected BOI report with FinCEN to March 21, 2025.
Corporate Transparency Act Reporting Deadline Now March 21, 2025
February 24, 2025On February 18, 2025, a Texas District Court stayed its order enjoining FinCEN from enforcing the Beneficial Ownership Information (BOI) reporting requirements of the Corporate Transparency Act (CTA). On January 23, 2025, the Supreme Court granted the government’s motion to stay a nationwide injunction issued by a separate federal judge in Texas. These two court orders clear all outstanding injunctions with regards to enforcement of the BOI reporting requirements of the CTA.
Cummings & Lockwood’s 2024 Firmwide Annual Update
We are pleased to bring you Cummings & Lockwood’s 2024 Firmwide Annual Update. It contains a letter from our Chairman and Managing Director, a summary of the work we performed last year for clients by practice area, an outline of the diverse legal services we offer, the professional recognitions and achievements we received, and our public service activities.
Social Security Fairness Act Provides Millions with Higher Social Security Benefits
January 13, 2025On January 5, President Biden signed the Social Security Fairness Act which repealed the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). The repeal will ensure that approximately 2.8 million current and retired public employees who receive government pensions for their service as police officers, firefighters, teachers and in other public service jobs receive the full benefits they have earned through their contributions to the Social Security System.
Connecticut Emphasizes "Time Spent" In Determining Domicile For Estate Tax Purposes
January 9, 2025Under Connecticut law, a decedent’s estate is subject to Connecticut estate tax if the decedent was domiciled in Connecticut at the time of his or her death. “Domicile” is often defined as (i) actual residence within a particular state, combined with (ii) the intention of making that state one’s permanent home.
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.
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.