The landscape has shifted for charitable giving. As individuals feel the effect of the Tax Cut and Jobs Act (TCJA) of 2017 on their personal tax situation, charities making requests for donations will need to respond in kind. Development departments are having to adjust their “ask” to meet the challenges brought on by the reduced tax incentive to make charitable gifts. Donors often respond with their hearts and minds when giving to their favorite causes, but financial reality will play an important role when deciding where to spend their limited charitable dollars.
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Topics:
charitable donations,
Not-for-Profits,
nonprofit,
benchmarking,
charitable giving,
Charitable contribution planning,
TCJA,
donors,
artificial intelligence
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
Not-for-profit organizations will face some critical challenges as the new tax law begins to take effect. The Tax Cuts and Jobs Act (TCJA) had to be paid for in order to be passed, and a result, new taxes were added to offset the costs of the 40 percent reduction in corporate tax rates and 20 percent deduction to owners of pass-through entities.
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Topics:
executive compensation,
Taxes,
Congress,
estate tax,
Tax Reform,
House of Representatives,
senate,
Charitable contribution planning,
not-for-profit tax
Congress took its first steps toward tax reform when both the House and the Senate released versions of their changes to the tax code. The House passed its version of the Tax Cuts and Jobs Act, while the Senate Finance Committee approved its version of a tax reform bill on November 16. Provisions vary significantly between the House and the Senate versions of the tax reform plan, but they share one element in common: they both have provisions that will affect not-for-profit organizations.
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Topics:
executive compensation,
Taxes,
Congress,
estate tax,
Tax Reform,
House of Representatives,
senate,
Charitable contribution planning,
not-for-profit tax
