Everyone gets to deduct their donations per the recent CARES Act.
The new Coronavirus Aid, Relief & Economic Security (CARES) Act gives a tax benefit to anyone donating to a qualified nonprofit organization in 2020.
Because SYRCL is a registered 501(c)3 nonprofit organization (EIN 68-0171371),
all of our members and donors who give in 2020 will benefit.
For individuals who do itemize their deductions, the limit on deductions for contributions, ordinarily 50% of adjusted gross income (AGI) or 60% for cash, is suspended for 2020.
For corporations, the limit on deductions for contributions, ordinarily 10% of AGI, is elevated to 20% for 2020.
There are some exclusions. The new deduction would not apply to noncash gifts or to gifts contributed to donor advised funds.
This information above, mostly cribbed from other sites, is for educational purposes only. Since we’re not tax experts here at SYRCL, below are some resources you can take to your accountant or tax advisor.
Of course, feel free to look at the IRS’s regulations once they’re updated, just don’t crash its site. And by the way, the IRS tax filing and payment deadline has been extended to July 15, 2020 for your 2019 returns. https://www.irs.gov/newsroom
Coastal Community Foundation of South Carolina:
Do you have questions about giving to SYRCL? Please reach out to Julie Pokrandt, Development Director, firstname.lastname@example.org. She’ll be happy to set up a call and talk more.