CARES Act & Charitable Donations
CARES Act Impact on Charitable Donations
The CARES (Coronavirus Aid, Relief, and Economic Security) Act is designed to help you, businesses, and nonprofits facing economic hardship during the coronavirus pandemic. CARES includes significant statutory changes to federal law that will impact charitable giving, philanthropic planning, and estate planning.
Your giving can go farther in 2020 with the CARES Act. Several enhanced tax benefits in 2020, include:
- Required Minimum Distributions from retirement plans are waived.
- Itemizers may deduct up to 100 percent of cash gifts to support public charities—including Westfield State—while also reducing their 2020 federal income tax.
- Non-itemizers are now eligible for a $300 charitable deduction.
- Charitable deduction for corporations is increased to 25 percent.
Questions? Contact Bill Hynes at email@example.com or (413) 572-8647.