When President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), provisions were implemented that temporarily changed the limitations on charitable deductions for donations and contributions made by individuals and corporations to Section 501(c)(3) tax-exempt organizations. These increased deductions are only active for the 2020 tax year, and only affect donations and contributions made before December 31, 2020.
The following chart outlines the changes in affect for the 2020 tax year:
If you have any questions about planning your yearend charitable contributions or questions as a charitable organization explaining these changes to donors, please email us at email@example.com or call (405) 232-7777 to speak with an attorney.
1. Notify Your Preparer – Most tax return preparers request confirmation they will be preparing your