Page 3 - Charitable Deduction News Today : Breaking News, Live Updates & Top Stories | Vimarsana

To embed, copy and paste the code into your website or blog: On June 9, 2021, United States Senators Angus King (Ind.-MA) and Charles Grassley (R-IA) announced plans to introduce the “Accelerating Charitable Efforts Act” or the “ACE Act” (the “Act”) which, if adopted, would implement significant changes with respect to the rules surrounding donor advised funds (“DAFs”) and private foundations.  The proposed changes, already being hotly debated in the philanthropic community, would, among other things, mandate operational changes for DAF sponsoring organizations and offer fina...

The report from ProPublica – which based its findings on a trove of tax records submitted by an anonymous source – found that investor Warren Buffett paid US$23.7 million in taxes on $125 million in reported income, while amassing $24.3 billion more wealth during that same five-year period. Amazon founder Jeff Bezos saw his wealth soar $99 billion from 2014 to 2018, yet paid just $973 million in taxes on $4.22 billion in reported income. In total, the 25 richest Americans saw their wealth rise $401 billion over this period as the value of their investments such as stocks and properties gr...

To embed, copy and paste the code into your website or blog: 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 incentives for charitable giving and some well-established strategies. 1. The high standard deduction continues to alter the traditional tax incentive for charitable giving Tax changes enacted in 2017 significantly raised the standard deduction.[1]  The following are the standard deductions for 2021: Single: $12,550 Ma...

To embed, copy and paste the code into your website or blog: The Consolidated Appropriations Act of 2021 (CAA, Public Law No. 116-260) was signed into law on December 27, 2020.  The Act extends and expands changes to the rules of charitable giving enacted under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (CARES Act, Public Law No. 116-136) and increases the penalty for tax underpayments attributable to an overstated charitable contribution by a taxpayer who does not itemize. (1)        Expansion of the Above-the-Line Charitable Deduction.  Under the CARES Act, indi...