Cummings & Lockwood

Alerts & Updates

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.

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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.

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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.

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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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2019 Cummings & Lockwood Annual Update

December 30, 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.

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“SECURE Act” Set to Become Law and Eliminate “Stretch” Inherited IRAs for Non-Spouse Beneficiaries

December 19, 2019

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.

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Federal Estate and Gift Tax Rates and Exemptions 2017-2026

This chart details the federal estate and gift tax rates and exemptions for the period 2017-2026.

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Connecticut Estate and Gift Tax Rates and Exemptions 2017-2026

This chart details the Connecticut estate and gift tax rates and exemptions for the period 2017-2026.

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Uniform Lifetime Table for Required Minimum Distributions From Traditional IRAs*

This uniform lifetime table details the minimum distributions allowed from traditional IRAs from the ages of 70 through 90.

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2019 Private Clients Group Annual Client Update

November 25, 2019

This annual update summarizes the current status of the estate and gift tax rates and exemptions at the federal and state levels (Connecticut, New York and Florida) and highlights key provisions of these important state law developments.

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IRS Confirms Gifts Using Higher Exemption Amounts Won’t Be “Clawed back” for Estate Tax Purposes After 2025

November 21, 2019

The Treasury Department and the Internal Revenue Service have officially confirmed that in the event the federal gift and estate tax exemptions are reduced in the future, taxpayers will not be penalized with a “clawback” for the use of higher exemption amounts.

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Connecticut Quietly Ends Estate Tax Strategy Previously Available to Non-Residents

July 31, 2019

In the flurry of legislation passed in June at the end of the legislative session, Connecticut quietly closed a Connecticut estate tax loophole that was available to non-residents.    

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