Cummings & Lockwood

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Pandemic-Related Issues in Commercial Leases

April 22, 2021

In the year or so since COVID-19 has disrupted every industry, there have been several recurring issues in commercial real estate leases worthy of discussion. In this brief alert we delve into a few of them in the hopes of better educating and arming our clients against certain common issues.

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New York Set to Increase Income Taxes on High Earners

April 8, 2021

Governor Cuomo and New York legislators recently announced an agreement on New York’s budget that includes a significant increase for the income tax rates that will be charged against New Yorkers with high levels of income.  The bill is expected to pass. 

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Here Come the Taxes…Maybe?

March 17, 2021

With the recent passage of the American Rescue Plan, President Biden’s $1.9 trillion stimulus package, it is natural to consider what kind of revenue generating legislation may be coming in the next months and years in order to pay for what has now been three separate rounds of stimulus bills to address the challenging economic conditions brought on by the Covid-19 pandemic.

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What will happen to estate, gift and generation-skipping transfer tax exemptions in 2021 and beyond?

January 21, 2021

With the inauguration of President Joe Biden and a congress narrowly controlled by the Democratic party, many clients and estate planners have begun to worry about what, if anything, will happen to the federal estate, gift and generation-skipping transfer (“GST”) tax exemptions and rates in 2021 and beyond.

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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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