News & Insights
IRS Reveals 10-Year Spending Plan for $80 Billion FundingApril 24, 2023
The Inflation Reduction Act enacted in August 2022 included $80 billion in funding for the IRS over the next decade. On April 6, 2023, the IRS released its Strategic Operating Plan (the “SOP”) which outlines the IRS’s plan for using these funds.
Supreme Court Rules that Non-Willful Foreign Bank Account Reporting Penalty Applies on a Per Report BasisApril 17, 2023
The Bank Secrecy Act requires every U.S. person with a financial interest in, or signature or other authority over, a financial account located outside the U.S. to report the account to the U.S. Treasury Department annually, if the total value of the foreign financial accounts exceeds $10,000 at any time during the year.
The IRS Puts its Stake in the Ground with Respect to Step Up in Basis on Grantor Trusts Not Included in Taxable EstateApril 7, 2023
With IRS Revenue Ruling 2023-2, the IRS is attempting to eliminate a position trumpeted by certain estate and gift tax practitioners and commenters since 2002.
Biden Administration's 2024 Fiscal Year Budget Proposals Once Again Threaten Changes to the Estate and Gift Tax SystemMarch 31, 2023
On March 9, 2023, the Treasury Department released its General Explanations of the Administration’s Fiscal Year 2024 Revenue Proposals (known as the Greenbook), to accompany President Biden’s proposed budget for fiscal year 2024. According to Cummings & Lockwood, the proposals support drastic changes to the estate and gift tax system that would substantially impact planning for transfers of wealth. Following are brief descriptions of the proposals that would most significantly impact estate and gift planning.
Selecting a Fiduciary to Administer Your Estate or TrustMarch 27, 2023
The purpose of the brochure is to provide clients with information on the role, responsibilities, liabilities and types of fiduciaries to help them select a fiduciary that is right for them, as well as share with them our experience serving as fiduciaries and the broad range of services we can provide to our clients’ fiduciaries.
29 Cummings & Lockwood Attorneys Named Best Lawyers® in Connecticut for 2023March 22, 2023
Cummings & Lockwood LLC is pleased to announce that 29 of the firm’s attorneys have been named among the Best Lawyers® in Connecticut for 2023, including five lawyers identified as “Ones to Watch.”
Back-End Spousal Lifetime Access TrustMarch 5, 2023
The historically high combined federal estate and gift tax exemption amount, currently $12,920,000 per individual in 2023, afforded by the Tax Cuts and Jobs Acts (the “TCJA”) will sunset on December 31, 2025, absent further legislation from Congress, and be reduced to the pre-TCJA level of $5,000,000 (adjusted annually for inflation) per individual on January 1, 2026.
Naples Daily News Sunday Supplement
Marc T. Finer Joins Cummings & Lockwood as a Principal Tax AttorneyFebruary 27, 2023
Cummings & Lockwood is pleased to announce that Marc T. Finer has recently joined the firm as a Principal Tax Attorney in the Private Clients Group and is based in the firm’s West Hartford office.
Corporate Transparency ActJanuary 25, 2023
In September 2022, the Financial Crimes Enforcement Network (“FinCEN”) of the Department of the Treasury issued final regulations implementing the beneficial ownership information (“BOI”) reporting requirements of the Corporate Transparency Act of 2020 (the “CTA”).
2022 Cummings & Lockwood Firmwide Annual UpdateJanuary 4, 2023
To Our Clients and Friends:
The end of the year is a good time for reflection about our values and accomplishments and our goals for the coming year. A letter from our new Chairman and Managing Director, Laura Weintraub Beck.
Tax Update: What the SECURE 2.0 Act of 2022 Means for 529 AccountsJanuary 3, 2023
Included in Congress’ recently passed SECURE 2.0 Act of 2022 (SECURE 2.0) is a noteworthy planning opportunity for those with 529 Accounts. In the past, withdrawals from tax-advantaged 529 Accounts could only be used for qualified education expenses without incurring federal income tax and penalties. While accounts could be rolled over for certain relatives, the options were undesirable for most.
Estate and Gift Tax Law UpdateDecember 1, 2022
Margaret A. Deluca, a Principal in Cummings & Lockwood’s Private Clients Group, reviews the current federal, Connecticut and New York estate, gift and generation-skipping transfer tax laws as of December 2022. (10:09)