As disruptive as the year has been for not-for-profit organizations, 2020 might end up being a better year for charitable giving. The potential for higher tax rates and decreased exemptions from estate and gift taxes under a new presidential administration may lead many high-net-worth individuals to increase charitable giving during 2020. At the same time, individual and corporate donors can benefit from temporary charitable giving incentives in 2020 that are available under recent tax law changes.
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Topics:
tax returns,
individual tax,
not-for-profit,
charitable donations,
IRS,
NFP,
S Corporation,
charitable giving,
C Corporation,
Charitable Contribution Deductions,
COVID-19,
CARES Act,
PPP,
charitable contributions,
high-net-worth,
AGI
The 2017 tax reform law gives donors more of an incentive to make charitable contributions, increasing the deduction allowed for cash contributions to public charities from 50 to 60 percent of adjusted gross income. Substantiating that deduction, however, may be more challenging due to recently finalized IRS regulations.
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Topics:
not-for-profit,
Taxes,
Tax Reform,
charitable giving,
Charitable contribution planning,
Charitable Contribution Deductions
