Alerts & Updates
CLIENT ALERT: IRS Postpones Due Date for Filing Gift and Generation-Skipping Transfer Tax Returns
March 26, 2020On March 27th, the Internal Revenue Service (IRS) postponed the due date for filing federal gift (and generation skipping transfer) tax returns (Forms 709) and any gift tax payments from April 15th to July 15th in response to the outbreak of Covid-19.
CLIENT ALERT: Litigation Will Follow This Crisis
March 23, 2020While the current health crisis is unprecedented, the financial crisis and legal claims and disputes that will follow from it are not. Our litigation attorneys have prosecuted, defended and resolved claims for our clients resulting from past financial crises.
CLIENT ALERT: Treasury Delays April 15th Tax Payment and Filing Deadline by 90 Days in Response to the Outbreak of Covid-19
March 19, 2020On March 20, 2020, Treasury Secretary, Steven Mnuchin, announced via Twitter the following:
At [President Trump’s] direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.
CLIENT ALERT: Treasury Delays April 15th Tax Payment Deadline by 90 Days in Response to the Outbreak of Covid-19
March 16, 2020On March 17, 2020, Treasury Secretary, Steven Mnuchin announced that the Treasury Department would push back the due date for tax payments due April 15 for individuals and businesses for 90 days.
CLIENT ALERT: Effective Immediately DRS Extends Filing Deadline for Certain Annual State Business Tax Returns
March 15, 2020The Connecticut Department of Revenue Services (DRS) is using their statutory authority to grant an automatic extension of Connecticut filing deadlines for certain annual tax returns in order to support businesses during the COVID-19 outbreak effectively immediately.
CLIENT ALERT - Coronavirus Update
March 15, 2020We are continuing to monitor ongoing Coronavirus developments. Our highest priority is the health and safety of our employees, clients and the communities in which we live and work.
CLIENT ALERT - Coronavirus (COVID-19)
March 11, 2020The spread of the coronavirus (COVID-19) is impacting an increasing number of individuals, families, businesses and financial markets, as well as our professional and personal lives.
We know that many of you, directly or indirectly, may be affected, and we share your concerns about public health and safety, business continuity, and market turbulence.
2019 Cummings & Lockwood Annual Update
December 30, 2019This year marked Cummings & Lockwood's 110th anniversary. Our founders, Homer Cummings and Charles Lockwood, opened the firm over a century ago in Stamford, Connecticut. Since then, we have grown to over 200 lawyers, fiduciary accountants, paralegals and staff, with six locations in Connecticut and Florida.
Private Foundation Tax Simplified -- May Result in Higher Taxes for Some
December 30, 2019Private foundations will now be subject to a flat excise tax of 1.39% on their net investment income. As part of the Further Consolidated Appropriations Act, 2020, Public Law No. 116-94, that was passed on December 20, 2019, the new flat rate will be effective for tax years beginning after December 20, 2019.
“SECURE Act” Set to Become Law and Eliminate “Stretch” Inherited IRAs for Non-Spouse Beneficiaries
December 19, 2019The Setting Every Community Up for Retirement Enhancement ("SECURE") Act passed the U.S. House of Representatives and Senate as part of the Spending Bill and is expected to be signed by the President before December 24th.
2019 Private Clients Group Annual Client Update
November 25, 2019This annual update summarizes the current status of the estate and gift tax rates and exemptions at the federal and state levels (Connecticut, New York and Florida) and highlights key provisions of these important state law developments.
Federal Estate and Gift Tax Rates and Exemptions 2017-2026
This chart details the federal estate and gift tax rates and exemptions for the period 2017-2026.