As we approach Christmas and thoughts of year-end giving, I wanted to make sure we are all aware of an important provision in the 2020 CARES Act. The CARES Act allows individuals to deduct cash gifts to qualified charitable organizations up to 100% of their adjusted gross income. This is only in effect through December 31, 2020.
If you intend to take advantage of this one time change in the tax code regarding charitable contributions, please check with your accounting, tax, or legal advisors if you have any questions.
It’s been a tumultuous year for all of us and for our Church. But, God has continued to bless our Church and will continue to do so. Our congregation has continued to support us and I am confident will continue to do so, as well.
Regarding the CARES Act, the IRS Web Site says:
Here’s how the CARES Act changes deducting charitable contributions made in 2020:
Previously, charitable contributions could only be deducted if taxpayers itemized their deductions. However, taxpayers who don’t itemize deductions may take a charitable deduction of up to $300 for cash contributions made in 2020 to qualifying organizations. For the purposes of this deduction, qualifying organizations are those that are religious, charitable, educational, scientific or literary in purpose.
The CARES Act also temporarily suspends limits on charitable contributions and contributions of food inventory. More information about these changes is available on IRS.gov.
Covenant Presbyterian Church Treasurer