Insights

IRS Releases Annual Inflation Adjustments for Tax Year 2025

The Internal Revenue Service (IRS) has released annual inflation adjustments for 2025. They include increased gift, estate, and generation-skipping transfer (GST) tax exemptions and annual gift tax exclusions, and new income tax brackets.

Donors Take Care: How to Avoid Charitable Giving Scams

The Federal Trade Commission and the attorneys general of 10 states filed a lawsuit in federal court against Cancer Recovery Foundation International (aka Women’s Cancer Fund or the “Fund”), and its president, Gregory Anderson, alleging that they raised $18 million over a five-year period from donors who wanted to help cancer patients, but that only 1% of the money went to help the patients.

Choate Attorneys Recognized in Best Lawyers in America® 2025

The Best Lawyers in America® has recognized 44 Choate attorneys in its 2025 edition. Recognition in Best Lawyers® is based entirely on peer review and is widely regarded by both clients and legal professionals as a significant honor.

Corporate Transparency Act:
LLCs and Other Entities Required to Report Ownership and Control Information to the Federal Government, Deadlines Vary

The new federal disclosure requirements under the Corporate Transparency Act (“CTA”) will come into effect on January 1, 2024, although only certain entities (those formed in 2024) will need to report next year.  For entities formed before 2024, the deadline for reporting will be later, on January 1, 2025.

IRS Releases Annual Inflation Adjustments for Tax Year 2024

The Internal Revenue Service recently released annual inflation adjustments for 2024. They include increased gift, estate, and generation-skipping transfer (“GST”) tax exemptions and annual gift tax exclusions, increased retirement account limits, and new income tax brackets.

Massachusetts Tax Relief Bill Signed Into Law

On October 4, 2023, Governor Maura Healey signed into law “An Act to improve the Commonwealth’s competitiveness, affordability, and equity.”  The Act makes key tax changes to the Massachusetts estate tax and short-term capital gains, and closes the "millionaires tax" loophole for married couples, in addition to other provisions.

Choate Attorneys Recognized in Best Lawyers in America® 2024

Best Lawyers in America® has recognized 43 Choate attorneys in its 2024 edition, including naming 4 partners as Lawyer of the Year in Boston for their respective practice areas.

Understanding the New Massachusetts Millionaires Tax

The new “Massachusetts Millionaires Tax” goes into effect on January 1, 2023 and will impose a 4% surtax, in addition to the 5% flat income tax, on those who domicile or reside in Massachusetts and earn over $1 million annually.

Choate Named a 2022 Tipping the Scales Firm for Gender Parity

The Diversity & Flexibility Alliance has recognized Choate as a 2022 Tipping the Scales firm for its commitment to gender parity and valuing women in leadership positions.