Cummings & Lockwood

Alerts & Updates

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.


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  A RMD is the amount of money that is required to be withdrawn by the participant when the participant has reached a certain age or by the beneficiary of an inherited IRA


CLIENT ALERT: Connecticut and New York Authorize the Virtual Execution of Wills in addition to Virtual Notarization in response to the Outbreak of Covid-19

April 12, 2020

Many legal documents, especially estate planning and real estate related documents that will be recorded on land records, require notarization and witnesses.


CLIENT ALERT: IRS to Accept Digital Signatures and Email

March 31, 2020

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.


CLIENT ALERT: IRS Postpones Due Date for Filing Gift and Generation-Skipping Transfer Tax Returns

March 26, 2020

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.


CLIENT ALERT: Litigation Will Follow This Crisis

March 23, 2020

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-19

March 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-19

March 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 - Coronavirus Update

March 15, 2020

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.


CLIENT ALERT: Effective Immediately DRS Extends Filing Deadline for Certain Annual State Business Tax Returns

March 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.


CLIENT ALERT - Coronavirus (COVID-19)

March 11, 2020

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.


Private Foundation Tax Simplified -- May Result in Higher Taxes for Some

December 30, 2019

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.



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