Alerts & Updates
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.
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 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.
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 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.
This year marked Cummings & Lockwood's 110th anniversary. Our founders, Homer Cummings and Charles Lockwood, opened the firm over a century ago in Stamford, Connecticut. Since then, we have grown to over 200 lawyers, fiduciary accountants, paralegals and staff, with six locations in Connecticut and Florida.
The Setting Every Community Up for Retirement Enhancement ("SECURE") Act passed the U.S. House of Representatives and Senate as part of the Spending Bill and is expected to be signed by the President before December 24th.
This chart details the federal estate and gift tax rates and exemptions for the period 2017-2026.