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Twomey Latham’s tax practice is diverse and sophisticated. We help businesses, charities, and individuals with federal and state tax matters in a variety of ways.
The firm advises Long Island business entities including corporations, S corporations, limited-liability companies (“LLCs”), single-member LLCs, and partnerships on all tax matters relating to structure, operation, reorganization, agreements, elections, distributions, retirement plans, and dissolution. We also represent businesses in connection with mergers, acquisitions, spin-offs, and tax-free reorganizations.
The firm advises individual clients in connection with planning for the disposition of their business and other assets for estate and gift planning purposes, including grantor trusts, GRATs, QPRTs, charitable remainder trusts, sales to defective trusts, and family limited partnerships/LLCs. We also represent clients in estate and gift tax audits.
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 […]
Bernadette E. Tuthill, Partner, is the VP of the North Fork Breast Health Coalition and Co-Chair of the annual 5K Walk for Breast Cancer Awareness to raise funds for the Coalition’s programs. This includes grants, free services and products for breast cancer survivors and thrivers on the North Fork. Twomey, Latham, Shea, Kelley, Dubin & […]
At a Glance: On July 18, 2024, the IRS issued final regulations regarding required minimum distributions (RMDs) from retirement accounts and proposed regulations that provide additional guidance under the SECURE 2.0 Act. Final Regulations: Beneficiaries generally must continue to take annual distributions if the plan participant died on or after the required beginning date. A […]
The law firm of Twomey, Latham, Shea, Kelley, Dubin & Quartararo, LLP has announced that Jesse Frost has joined the Firm as Associate Attorney. He concentrates his practice in trusts and estates, counseling individuals and their families throughout the process of estate planning and estate administration. Prior to joining the Firm, Mr. Frost was an […]
Bernadette Tuthill, Partner, is the VP of the North Fork Breast Health Coalition and a Co-Chair of the annual 5K Walk For Breast Cancer Awareness to raise funds for the Coalition’s programs, including grants, and free services and products for breast cancer survivors and thrivers on the North Fork. This year’s walk, which took place […]
Twomey, Latham, Shea, Kelley, Dubin & Quartararo, LLP has announced that Bryan Drago has been elevated to Partner. Mr. Drago’s legal practice focuses on estate planning, taxation, charitable giving and tax-exempt organizations, business succession planning, as well as elder law and long-term care planning. His taxation practice has also included handling multiple disclosures of unreported […]
Kathryn Dalli, a partner with the Firm, was interviewed by Best Company for an article on whether people should take out a loan to pay off their taxes. Ms. Dalli said, if someone owes less than $50,000, they may work out an agreement with the IRS to come up with an installment payment plan. That, […]
In response to the coronavirus outbreak and in an effort to ease people’s financial worries, U.S. Treasury Steve Mnuchin announced that the deadline to file income tax returns has been pushed back three months. Lorraine Paceleo, Attorney, Twomey, Latham, Shea, Kelley, Dubin & Quartararo, LLP, says this will provide individuals and business owners the help […]
The week of October 21-28, 2019 is National Estate Planning Awareness Week. The purpose of National Estate Planning Awareness Week is to educate the public about the importance of estate planning. So, in that regard, this article will address what happens when someone dies without a Will. Even if you have never sat down […]
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