RECENT DEVELOPMENTS FROM 2021

The CARES Act and new charitable contribution rules. 2020 has been a difficult year for individuals, business, and non profits as well have navigated the various impact of the COVID 19 pandemic. Knowing the desire of the American people to reach out and help others in time of needs, lawmakers included several significant changes in the Coronavirus Aid, Relief, and Econimic Security (CARES) Act that was signed into law on March 27, 2020 to ecourage charitable giving.

Individual contributions, Beginning in 2020, indivuduals who do not itmeize deductions may deduct up to $300 in chariable cash contributions.

Corporate giving as with individual giving, the adjusted gross income limit for cash contributions wss also increased for corporate donors. For 2020, a corporation may deduct qualified contributions of up 25% of taxable income compared to 10% before there CARES ACT (with a 5 year carryover)