New Law Signed December 20, 2019
The Consolidated Appropriations Act was enacted on December 20, 2019. The main focus of the new law is spending provisions for the fiscal year that ends on September 30, 2020. However, the new law also contains an extension of certain tax provisions that were scheduled to expire or that had already expired. The new law also contains certain new tax provisions.
Medical Expense Threshold
Required Minimum Distribution Tables
In November of 2019, the Treasury Department issued proposed regulations that would revise the tables used to calculate required minimum distributions from qualified retirement plans, IRAs and annuities.
Until these new tables are finalized, they should not be used by taxpayers. Instead, taxpayers should continue to use the existing tables to compute required minimum distributions for the 2019...
2020 Estate Tax Exclusion
The 2020 federal estate and gift tax exclusion is $11,580,000, up from $11,400,000 in 2019.
The 2020 New York estate tax exclusion is $5,850,000, up from $5,740,000 in 2019. (There is no gift tax in New York State.)