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 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
Several not-for-profit developments emerged during the first part of the year that should be on your organization’s radar: An industry merger could make financial reporting and presentation more important than ever; a not-for-profit employment survey provides a closer look at how the not-for-profit economy is faring; and we have the first indications of tax reform’s impact on charitable giving. The following three stories from the first of the year may affect your 2019 strategic planning.
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Topics:
not-for-profit,
nonprofit,
GuideStar,
charitable giving,
mergers and acquisition,
nonprofit merger,
employment survey
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
Revenue recognition, charitable giving results, compliance supplements—several recent developments could hold particular interest for the not-for-profit community. The following is a brief round-up of what’s new and noteworthy in not-for-profit accounting and management.
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Topics:
Revenue Recognition Standard,
Not-for-Profits,
FASB,
OMB,
NFP,
Accounting Updates,
Economy,
charitable giving
