The federal Coronavirus Aid, Relief and Economic Security Act has, by many accounts, left something to be desired. Former President Donald Trump signed the initial measure in March of last year to help keep businesses afloat as they faced an onslaught of restrictions and closures.
Joe Biden proposed some fairly substantial changes in the estate tax landscape while on the campaign trail based on “[raising estate taxes] back to the historical norm.” The top gift and estate tax rates – currently 40% -- ranged from 45% to 55% in the period of from 1984 to 2009 and the tax exemption for that stretch, currently at $11.58 million, ranged from $600,000 to $3.5 million. Biden indicated that the exemption would be reduced to $3.5 million and the estate tax rate would be increased to 45%.
Exempt organizations received some much-needed relief as part of the Consolidated Appropriations Act of 2021. While the full act runs more than 5,500 pages, we've summarized the key items affecting exempt organizations.
On January 20 – Inauguration Day – the federal government got much more involved in managing the COVID-19 pandemic. Alongside promises made by the Biden-Harris Transition Team for the first 100 days as it relates to the health of Americans everywhere, it’s January. That means ten months have passed since we New Jerseyans left our offices, our schools, and our normal ways of life. We’re all trying to stay healthy and hold our lives together.