News & Analysis as of

CARES Act Charitable Donations

Lowenstein Sandler LLP

OBBBA Provisions Impact Charitable Contribution Deductions

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On July 4, President Donald Trump signed into law the One Big Beautiful Bill Act (H.R. 1) (OBBBA). While OBBBA contains various provisions that impact high-net-worth individuals, this alert focuses on OBBBA provisions...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Make Your Year-End Charitable Gifts to Take Advantage of Expanded Tax Benefits

Because of the hardships from the COVID-19 pandemic and several weather related events, the demand on charitable organizations has increased significantly this year, increasing the need for charitable giving. Tax benefits to...more

Proskauer - Not for Profit/Exempt...

Proskauer’s 26th Annual Trick or Treat Seminar

Proskauer’s 26th Annual Trick or Treat Seminar was held virtually on Friday, October 29th and discussed timely topics and best practices specifically tailored to the not-for-profit community. ...more

Rivkin Radler LLP

Play for the Win-Win: Help a Charity While Benefitting Yourself

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Charitable giving helps to improve social well-being by supporting a broad range of areas including education, scientific research, alleviation of poverty, and others. To encourage donations, the federal government makes...more

Schwabe, Williamson & Wyatt PC

Some Estate Planning and Business Transition Issues Not to Overlook Before 2021 Year-End

As we enter the final quarter of 2021, there are many things still to do and plan for before the end of the year. There are also some timing considerations given proposed legislative changes and the lead time needed to...more

BCLP

2021 Charitable Deduction Reminder

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The Internal Revenue Service explained how expanded tax benefits can help both individuals and businesses give to charity before the end of this year. The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted...more

Bowditch & Dewey

Extension of CARES Act Incentives Relating to Charitable Giving: Planning with a Charitable Unitrust Remainder Trust (CRUT)

Bowditch & Dewey on

By using a Charitable Unitrust Remainder Trust (CRUT), philanthropic minded donors can gift to a charitable cause while maintaining a lifetime benefit. A CRUT is an irrevocable agreement that will provide an income stream to...more

Schwabe, Williamson & Wyatt PC

Extension of Charitable Giving Benefits under the CARES Act for 2021

Starting in 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) expanded the deductibility of charitable contributions to incentivize charitable giving during 2020. The Consolidated Appropriations...more

Lathrop GPM

Spring 2021 Charitable Giving Update

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As spring arrives, it is time for a look at the latest tax changes and their effects on individuals and nonprofits making gifts and receiving contributions. 2021 presents an opportunity to take advantage of increased...more

Robins Kaplan LLP

The Robins Kaplan Spotlight, Vol. 5 No. 4, Winter 2021 - The Case for Charitable Giving

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Last year brought with it several unexpected challenges due to the COVID-19 pandemic, including economic, social, and financial hardships that have left many in a position of extraordinary need. ...more

Foley & Lardner LLP

Charitable Planning In the Year of a Business Sale – Part 1 of 2

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Business owners who work hard to grow a business and sell it (hopefully, with a substantial windfall) oftentimes focus on philanthropy and making a difference with their new-found wealth. Successful sellers usually recognize...more

Goodwin

The Consolidated Appropriations Act Of 2021: An Update For Tax-Exempt Organizations

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On December 27, 2020, “The Consolidated Appropriations Act of 2021” (H.R. 133) (the “CAA”) was signed into law by the President. The CAA includes various updates to, and additional funding for, programs established under the...more

BCLP

Expanded Tax Benefits for Giving to Charity, 2020 Forms 990-T and 4720 Revisions and Other News

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Year-end reminder: Expanded tax benefits help individuals and businesses give to charity during 2020 - The IRS today explained how expanded tax benefits can help both individuals and businesses give to charity before the...more

BCLP

Special $300 deduction for cash donations; digital signatures; National Tax Security Week

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Special Tax Deduction for Cash Donations to Charities in 2020 - In the latest post on A Closer Look, Tax Exempt and Government Entities Commissioner Edward Killen reminds taxpayers there’s a special deduction for cash...more

Dickinson Wright

‘Tis the Season of Charitable Giving

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As the year winds down, the fundraising efforts of many charitable organizations ramp up. This is for good reason as, on average, charitable organizations raise around 40% of their annual revenues during the holiday season....more

Chambliss, Bahner & Stophel, P.C.

Top Estate Planning Considerations for Closing Out 2020

2020, a year full of uncertainty, is coming to a close. Our estate planning and tax team is here to help remove some of the uncertainty and speculation prevalent in today’s environment. Many people believe the holiday season...more

Bowditch & Dewey

The Tax Benefits of Giving Tuesday

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Since it began in 2012, Giving Tuesday, the Tuesday after Thanksgiving, has become more and more popular. A recent survey suggests that 62% of Americans plan to participate this year. The main purpose behind Giving Tuesday...more

Bond Schoeneck & King PLLC

Give While the Giving is Good: CARES Act Charitable Giving Incentives Expiring December 31

Among the many forms of relief included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, certain “limited-time only” enhanced tax benefits for charitable giving are of particular note as we head into the end...more

Foley & Lardner LLP

Charitable Planning in the Midst of Uncertainty

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For charitably inclined individuals, there is a significant amount of uncertainty brought on by possible policy shifts that may occur if former Vice President Joe Biden is elected and Democrats take a majority in the Senate....more

Schwabe, Williamson & Wyatt PC

The CARES Act and Charitable Giving

For many businesses and individuals, charitable giving is a way to give back to the organizations or communities of their choosing while allowing them to qualify for tax deductions. Starting in 2020, the Coronavirus Aid,...more

Adler Pollock & Sheehan P.C.

The CARES Act Creates Charitable Tax Incentives - Insight on Estate Planning

Many individuals incorporate charitable giving into their estate plans, providing assistance to their favorite charities while preserving sufficient assets for their heirs. Typically, the charitable donations are structured...more

Farrell Fritz, P.C.

Should Business Corporations Be More Charitable?

Farrell Fritz, P.C. on

Today’s post briefly explores whether the term “corporate charity” is an oxymoron. It also tries to provide a framework for evaluating whether certain “charitable” activities should be undertaken by a business corporation. It...more

Dickinson Wright

Don’t Forget Your Charitable Contributions

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The CARES Act made a number of well publicized revisions to the tax code, including as to the payment of employee wages and the deduction of interest and net operating losses. Perhaps lesser known are the revisions in the...more

Clark Hill PLC

Insight on Charitable Giving After the CARES Act

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With all the economic uncertainty caused by COVID-19 this year, charitable organizations are facing financial shortfalls, just as some families and businesses also continue to struggle. Many donors may be looking to...more

Robins Kaplan LLP

Financial Daily Dose 6.18.2020 | Top Story: SEC Intervenes to Halt Bankrupt Hertz’s Planned Stock Sales

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Some rare last-minute SEC intervention forced Hertz to suspend its planned sale of up to $500 million in shares of the bankrupt car-rental company while the agency undertakes a closer review of the offering....more

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