News & Insights
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.
8 Cummings & Lockwood’s Trusts and Estates Attorneys Recognized as “Top Lawyers” in Palm Beach, Collier and Lee Counties, Florida in 2024
September 4, 2024Cummings & Lockwood is pleased to announce that eight of its trusts and estates attorneys in Palm Beach, Collier and Lee Counties, Florida, were recognized as “Top Lawyers” by Palm Beach Media in 2024.
Cummings & Lockwood is pleased to announce that Jonathan B. Mills has been named "Lawyer of the Year" in Real Estate Law by Best Lawyers®
August 20, 2024Jonathan B. Mills, Chair of Cummings & Lockwood's Commercial Real Estate Group,
was named "Lawyer of the Year" in Real Estate Law in the Stamford region by Best
Lawyers® in 2025.
41 Cummings & Lockwood Attorneys Have Been Recognized by Best Lawyers® in America in Its 2025 Edition
August 19, 2024Cummings & Lockwood LLC is pleased to announce that 31 of the firm’s attorneys have been recognized by Best Lawyers® in The Best Lawyers in America®, 8 as Ones to Watch® in America and as 2 "Lawyer of the Year " in the 2024 edition for a total of 41 attorneys.
Connecticut Modifies Retirement Income Withholding Requirements and Other Tax Law Changes
July 29, 2024Governor Ned Lamont recently signed legislation which modifies a number of important Connecticut tax provisions. Most modifications become effective for tax years beginning on or after January 1, 2025 and include:
Cummings & Lockwood Ranks as a Top Tier Private Wealth Law Firm in Connecticut by Chambers High Net Worth Guide for the 9th Consecutive Year
July 19, 2024Cummings & Lockwood is pleased to announce that the firm’s Private Clients Group in Connecticut has achieved the top tier ranking by Chambers High Net Worth Guide for the 9th consecutive year in private wealth law.