News & Insights
Conrad Teitell, Rachel B.G. Sherman and Katherine C. Gent wrote an article for Trusts and Estate Magazine entitled "Quid Pro Quo isn't Just a Political Issue" which was published in the May 2020 Issue.
Trusts & Estates Magazine
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 A RMD is the amount of money that is required to be withdrawn by the participant when the participant has reached a certain age or by the beneficiary of an inherited IRA
CLIENT ALERT: Connecticut and New York Authorize the Virtual Execution of Wills in addition to Virtual Notarization in response to the Outbreak of Covid-19April 12, 2020
Many legal documents, especially estate planning and real estate related documents that will be recorded on land records, require notarization and witnesses.
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.
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.
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.
CLIENT ALERT: Treasury Delays April 15th Tax Payment and Filing Deadline by 90 Days in Response to the Outbreak of Covid-19March 19, 2020
On 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-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.
In this video, Robert L. Lancaster, a Principal in Cummings & Lockwood’s Private Clients Group, discusses the importance of domicile, the difference between domicile and residence, the tax and non-tax consequences of a change of domicile, and the various ways in which one can establish a new domicile. (2:39)