Charitable Contribution Benefits Extended by the Consolidated Appropriations Act

Jun 22

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“The Coronavirus Aid, Relief, and Economic Security (CARES) Act, passed in March 2020, temporarily removed the adjusted gross income (AGI) limitation on the deduction of certain cash charitable contributions for individuals and exempt organizations formed as trusts. The legislation was intended to incentivize cash contributions to public charities during the coronavirus (COVID-19) pandemic. This provision affords electing individuals and certain private foundations organized as trusts the ability to contribute cash to “qualifying public charities” with a contribution limit of up to 100% of the donor’s contribution base.” Click here for entire article.

(Source: CPA Journal)
6-minute read.

Charitable Contribution Benefits Extended by the Consolidated Appropriations Act

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