After the Tax Cuts and Jobs Act of 2017 (the “2017 Act”), wealthy taxpayers have the opportunity to “lock in” the temporary increase in the federal estate and gift tax exemption by making large lifetime gifts. Governor Cuomo’s Fiscal Year 2020 Executive Budget proposes extending a law that could subject such gifts to New York estate tax.
Join Harter Secrest & Emery for our 2019 Labor and Employment Law Conference, taking place April 30th in Rochester, NY.
Charitable organizations must abide by certain rules in order to solicit contributions in New York. Effective March 21, 2019, there will be two new requirements for charities engaging in solicitation. While the changes are minor, charitable organizations soliciting in New York will need to make adaptations to their solicitations to comply with these rules.
The late, great Yogi Berra summed up the effects of inflation when he famously said, “A nickel ain’t worth a dime anymore!” Although inflation can be detrimental to your pocketbook, certain annual inflation adjustments to many federal tax provisions benefit taxpayers by allowing the tax laws to keep pace with inflation.