2020 CARES Act News
Important information for donors resulting from the recently enacted CARES Act (Coronavirus Aid, Relief, and Economic Security Act), for the year 2020:
Taxpayers who take the standard deduction rather than itemizing their deductions can claim a charitable deduction of up to $300 for cash donations made in 2020.
Individuals in 2020 can deduct cash gifts up to 100% of their adjusted gross income. For corporations, the deduction limit has increased from 10% to 25% of taxable income.
For the year 2020, there is no requirement to take distributions from retirement accounts (whatever the age of the owner). Learn more here.
The CARES Act includes many other provisions that could benefit you financially. Consult your advisors about these provisions, and contact us at email@example.com if we can help with any gift planning opportunities.