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 […]

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 Corporate Transparency Act (the “Act”) requires companies to complete a new form (“BOI Report”) with the Treasury Department’s Finance Crimes Enforcement Network (“FinCEN”), unless certain exemptions apply. Companies that must complete the BOI Report typically include all non-public US companies that have filed with a secretary of state and/or tribal level office to create […]

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 […]

***PROPERTY SCAM ALERT*** Local Police Departments are warning real estate agencies, realtors, brokers, attorneys, and property owners about a significant increase in reports of attempted real estate fraud. The typical scenario is that someone claiming to be the legal owner of a piece of property reaches out to a real estate agent/broker to sell the property, […]

Why would a county trademark a slogan? Some have been asking that question since Nassau County filed a trademark application with the U.S. Patent & Trademark Office for “Nassau County: Golden Coast to Coast.” While the application process’ $5,000 price tag has raised some eyebrows, the truth is that Nassau County is following a brand […]