Taxes

The CARES Act: What it means for your giving

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed into law. The $2.2 trillion economic stimulus package broadly assists businesses, state and local governments, and individual taxpayers alike to weather the economic hardships resulting from the COVID-19 global pandemic.

Highlights of the legislation include tax rebates, extended unemployment benefits, easier access to business loans, and support for distressed industries and healthcare providers.

But the Act also includes numerous benefits for charitable givers, including an expanded charitable deduction for cash gifts made in 2020 to churches and public charities, a waiver of required minimum distributions (RMDs) from retirement accounts, and an additional deduction of $300 that non-itemizers may take for cash gifts to churches or public charities.

Download our new one-page PDF to learn full details.

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