Alerts & Updates
CLIENT ALERT: Treasury Delays April 15th Tax Payment Deadline by 90 Days in Response to the Outbreak of Covid-19March 16, 2020
On 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 ReturnsMarch 15, 2020
The 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.
We 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.
The 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.
This 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 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.
The 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.
This 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.
This chart details the federal estate and gift tax rates and exemptions for the period 2017-2026.
This chart details the Connecticut estate and gift tax rates and exemptions for the period 2017-2026.
This uniform lifetime table details the minimum distributions allowed from traditional IRAs from the ages of 70 through 90.
IRS Confirms Gifts Using Higher Exemption Amounts Won’t Be “Clawed back” for Estate Tax Purposes After 2025November 21, 2019
The Treasury Department and the Internal Revenue Service have officially confirmed that in the event the federal gift and estate tax exemptions are reduced in the future, taxpayers will not be penalized with a “clawback” for the use of higher exemption amounts.