CARES Act Creates More Philanthropists for Our World
Did you know that the recent CARES Act makes it easier to be a philanthropist in these times of extreme need? This new legislation has special provisions to help individuals as well as corporations be even more charitable. The highlights below are for
individuals only.
We always encourage our clients to work with their financial and tax advisers directly to determine how this fits into their goals of charitable giving today and in estate-planning documents.
- Individuals can claim tax-deductible gifts of cash up to $300 even if they take the standard deduction. This is new for 2020.
- Individuals can deduct up to 100 percent of their adjusted gross income for cash gift contributions, which is an increase from the previous cap of 60 percent of AGI. This is also new for 2020.
- All gifts made under these new guidelines must be made in cash to qualifying charities.
- A Donor-Advised Fund is expressly excluded as it is not considered a qualifying charity.
Some qualifying charities are highlighted in this newsletter and on our website. Since we are a qualifying charity,
you may even consider a gift to CCF-LA directly or to one of the many funds we own or manage on behalf of our organizational clients.
Be sure to keep itemized receipts and acknowledgments for your cash gifts. This
does not apply to gifts of stock, which are still subject to the existing qualifying standards.
From Kathy Anderson, President and Executive Director