The OBBBA includes several provisions that affect how individuals can deduct charitable contributions on their federal income tax returns. These changes influence both annual tax filings and estate planning decisions. Perhaps the most significant update is that the OBBBA makes
If you offer gifts or money to qualified organizations eligible to receive tax-deductible charitable contributions, you must do two things: Here are six things you should remember about donations and written acknowledgments: Of course, you also have to make sure
Charitable contributions are deductible, says the IRS, only if you itemize deductions. And further, they are deductible only if you make contributions to qualified charitable organizations. The tax agency reminds us that contributions to individuals are never deductible. Even if
High-net-worth individuals donated $5.8 billion during the first six months of the COVID-19 pandemic — generous giving by most standards. This is according to a recent report, “Philanthropy and COVID-19 in the first half of 2020,” from the Center for Disaster
The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you. Here are some of the highlights of the Consolidated Appropriations Act, which also contains two other laws: the COVID-related