August 2020

When nonprofit contributions are quid pro quo

Charitable contributions aren’t always eligible for tax deductions — even when the not-for-profit recipient is tax exempt and the donor itemizes. Take “quid pro quo” donations. These transactions occur when your organization receives a payment that includes a contribution and you provide the donor with goods or services valued for less than the total payment. […]

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Business charitable contribution rules have changed under the CARES Act

  Many businesses are donating to charity in light of the pandemic. In order to encourage giving, the CARES Act made some changes to the rules. Under one change, the limit on charitable deductions for corporations (generally 10% of modified taxable income) doesn’t apply to qualifying contributions made in 2020. Instead, a corporation’s contributions, reduced

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