CARES Act information
On March 27, the President signed the Coronavirus Aid, Relief and Economic Security (CARES) Act to help combat the far-reaching impacts of COVID-19. The bill provides increased tax incentives for charitable giving for individuals and corporations.
Ways you could benefit
- AGI Limitation for 2020 for cash gifts itemized deduction limit increases from 60% to 100%. (Section 2205 of the CARES Act)
- Corporate giving deduction limits increase from 10% to 25% of taxable income. (Section 2205 of the CARES Act)
- Non-itemizing taxpayers get a one-time deduction of up to $300 for gifts to charitable organizations. (Section 2204 of the CARES Act)
- Waiver of IRA RMDs – To assist with retirement account recovery, the waiver also erases the required minimum distributions (RMDs) at age 70 ½ or 72. (Section 2203 of the CARES Act)