Cummings & Lockwood

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New York Changes Durable Power of Attorney Law

January 11, 2021

On December 15, 2020, Governor Cuomo signed into law a bill changing New York’s durable power of attorney statutory form.  The goal was to simplify the form and alleviate practical problems that result from the current statutory form.  

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IRS Issues Final Regulations on Taxation of Carried Interest under IRC 1061

January 8, 2021

On July 31, 2020, the Internal Revenue Service issued proposed regulations regarding taxation of an “Applicable Partnership Interest” or API, under Internal Revenue Code (IRC) section 1061, clarifying and elaborating on the taxation of  API (including items such as carried interest).  In 2017, under what is commonly known as the Tax Cuts and Jobs Act, Congress enacted IRC 1061.

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2020 Cummings & Lockwood Annual Update

December 31, 2020

2020 was an especially challenging period.  An unprecedented COVID-19 pandemic, a world-wide health crisis, associated disruptions to businesses and the global economy, and a bitterly divided election created stress and uncertainty throughout the year.

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IRS Opens the Door to Pass-Through Workaround for SALT Deductions

November 16, 2020

The Tax Cuts and Jobs Act (“the 2017 Tax Act”) limited individuals to a $10,000 cap on deducting individual state and local taxes paid in a calendar year, starting in 2018 and set to sunset by 2026.

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IRS Announces 2021 Estate and Gift Tax Inflation Adjustments

November 16, 2020

In Revenue Procedure 2020-25, the IRS announced the inflations adjustments for the estate and gift tax exemptions and annual exclusions.

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September 2020 Client Update

This annual update analyzes the implications of a Trump and Biden presidency with regard to estate, gift and generation-skipping transfer (GST) taxes, as well as describes the benefits of making gifts in 2020 and the various gifting techniques to consider.

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CLIENT ALERT: IRS Issues Proposed Regulations on Taxation of Carried Interest under IRC 1061

August 9, 2020

On July 31, 2020, the Internal Revenue Service issued proposed regulations regarding taxation of an “Applicable Partnership Interest” or API, under Internal Revenue Code (IRC) section 1061, clarifying and elaborating on the taxation of  API (including items such as carried interest). In 2017, under what is commonly known as the Tax Cuts and Jobs Act, Congress enacted IRC 1061.

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The CARES Act Suspends Required Minimum Distributions for 2020

May 25, 2020

The Coronavirus Aid, Relief and Economic Security (CARES) Act suspended required minimum distributions (“RMDs”) for 2020 for retirement plans such as 401(k)s, 403(b)s, 457(b)s, SEP IRAs, Simple IRAs, and traditional IRAs.  A RMD is the amount of money that is required to be withdrawn by the participant when the participant has reached a certain age or by the beneficiary of an inherited IRA

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CLIENT ALERT: Connecticut and New York Authorize the Virtual Execution of Wills in addition to Virtual Notarization in response to the Outbreak of Covid-19

April 12, 2020

Many legal documents, especially estate planning and real estate related documents that will be recorded on land records, require notarization and witnesses.

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CLIENT ALERT: IRS to Accept Digital Signatures and Email

March 31, 2020

In response to the COVID-19 pandemic, effective immediately, the IRS will accept scanned, photographed, and digital signatures on certain documents relating to the determination or collection of tax liabilities. This temporary measure is to assist taxpayers and tax professionals in completing tasks remotely.

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CLIENT ALERT: IRS Postpones Due Date for Filing Gift and Generation-Skipping Transfer Tax Returns

March 26, 2020

On 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.

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CLIENT ALERT: Litigation Will Follow This Crisis

March 23, 2020

While 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.

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