Corporate Focus: Spring 2020
$23.16 Million: use it or lose it!
Over the next five years we will see major changes in the estate tax climate. Under the Tax Cuts and Jobs Act, Congress doubled the amount which could be passed estate tax-free from $5 million, adjusted for inflation, to $10 million, adjusted for inflation. However, what many don’t recognize is that this adjustment is not permanent.
Under the act, in 2026 the exemption will revert to the $5 million level, adjusted for inflation. And, depending on who wins the presidency and control of one or both legislative chambers, in 2020, we may see pressure by a new president and Congress to decrease the exemption even before 2026. This has many high-net-worth clients racing to use it or lose it.
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What Illinois businesses need to know about California’s new privacy law
Overview of the CCPA
California’s landmark privacy legislation, known as the California Consumer Privacy Act (CCPA), took effect on Jan. 1, 2020. This very expansive privacy law affects all companies doing business in California that either: (1) have a gross annual revenue in excess of $25 million, (2) buys, receives or sells the personal information of 50,000 or more consumers, households or devices or (3) derive 50% or more of its the annual revenue from selling consumers’ personal information. Personal information includes any information relating to or capable of being associated with a consumer such as their name, email address, Internet Protocol address and mailing address.
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Article of Interest: The SECURE Act – a Congressional holiday gift?
Presented by our Employment group
In the midst of holiday gift-giving Congress passed and the President signed an Act considered by many to be the most significant piece of retirement plan legislation since the Pension Protection Act of 2006. Whether the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) will ultimately be considered a gift to employers, only time will tell. In the meantime, this article will summarize the provisions expected to be most impactful on employers.
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