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On March 21, 2025, the Financial Crimes Enforcement Network (“FinCEN”) issued a final interim rule consistent with the U.S. Department of the Treasury’s (the “Treasury Department”) announcement on March 2, 2025, which exempts domestic U.S. companies from beneficial ownership information reports (“BOIRs”) under the Corporate Transparency Act (“CTA”). This interim rule significantly alters the previous […]
Clients inquire whether it is sufficient for a short, customer friendly contract to incorporate by reference Terms & Conditions (“T&Cs”) and merely provide a link to the T&Cs online, to allow the short contract to be legally binding against the customer under New York Law? The short answer is yes, but with certain caveats. The […]
Currently, all penalties or fines associated with the beneficial ownership information reporting requirements (“BOI Reporting Requirements”) under the Corporate Transparency Act (“CTA”) are not being enforced. On March 2, 2025, the U.S. Department of the Treasury (the “Treasury Department”) announced its suspension of not only the CTA’s previous March 21st filing deadline, but also all […]
As of December 26, 2024, reporting companies are not required to submit beneficial ownership information reports (“BOIRs”) with FinCEN, nor will they face penalties for failing to do so while the injunction remains in place. However, businesses can still voluntarily file beneficial ownership reports. On December 23, 2024, a panel from the U.S. Court of […]
Twomey Latham donated gifts for the HeadStart children this year. The gifts were donated by members of the Firm, then packaged for delivery to children at their respective schools. In addition to the gifts for the children in HeadStart, the Firm donated money this year to Angels of Long Island/Mastic, CAST NorthFork /Southold (Center for […]
On Saturday, December 14, 2024 members of Twomey Latham, along with family and friends, participated in the Polar Bear Plunge for Heart of the Hamptons at Coopers Beach in Southampton, NY. This was the 20th consecutive year the Firm participated in this fundraiser. Over 300 people took the plunge and more than 800 people came […]
Summary: The IRS has announced that in 2025, the Lifetime Estate and Gift Tax Exemption (the “Lifetime Exemption”) will rise to $13,990,000 (from $13,610,000); the Annual Gift Exclusion will rise to $19,000 (from $18,000) and the Annual Gift Exemption for gifts to non-U.S. citizen spouses will rise to $190,000 (from $185,000). Impact: These increases will […]
The law firm of Twomey, Latham, Shea, Kelley, Dubin & Quartararo, LLP (the “Firm”) has announced that Christina Russo has joined the Firm as Associate Attorney. Ms. Russo concentrates her practice in Elder Law, Estate Planning, Trust and Estate Administration. Prior to joining the Firm, Ms. Russo practiced in Suffolk County exclusively in the areas […]
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