On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021
into law.
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The federal estate top tax rate is 40%. The Federal estate tax exemption is $11,580,000 for 2020 and $11,400,000 for 2019. The exemption for 2021 is $11,700,000.
The NYS estate basic exclusion amount is $5,850,000 for deaths in 2020 and $5,740,000 for deaths in 2019. The top tax rate is 16%. The exemption for 2021 is $5,930,000.
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For convenience purposes, we have listed below the current amounts of the Section 179 and bonus depreciation limits. As with all tax regulations, there are stipulations and exceptions. Please call us with any planning we can assist you with.
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This special briefing describes the current tax policies of the candidates of the two major parties: President Donald Trump, the incumbent candidate for the Republican Party and former Vice President Joe Biden, the Democratic candidate for president.
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We were notified by the Peer Review Committee Reporting
Acceptance Body that our most recent triennial peer review report with a pass rating was
accepted. A "pass" rating is the highest form of rating a CPA firm can receive.
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