New Jersey Governor Phil Murphy and State Democratic leaders announced yesterday a revised fiscal year 2021 budget that raises the State’s gross income tax rate on income for families now earning between $1 million and $5 million.

Currently, the State’s top tax rate for income earned in excess of $1 million through $5 million pay

The coronavirus outbreak, the subsequent passage of the CARES Act by the federal government, and current low interest rates have changed the landscape of charitable contributions and planning in 2020.

Charitable Contributions

The CARES Act changes the limitations on charitable giving to encourage individuals and corporations to make cash contributions to public charities.

  1. Above-the-line deduction