How The CARES Act Affects Charitable Giving
These are difficult times for everyone. We find ourselves in uncharted waters while the demand for our services continues to grow. The challenges facing the world are many ~ our physical, mental and spiritual health; financial issues of all types; loss of employment and work stress…just to name a few. In the midst of all this, I write this blog, in good faith, to make sure that our generous Kentucky 4-H supporters are aware of the positive components of the CARES Act that directly affect the tax issues in charitable giving.
The Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law on Friday, March 27, 2020 to help individuals and businesses affected by COVID-19. This legislation has brought about sweeping changes meant to provide financial relief to individuals and businesses. As part of the CARES Act, certain changes were made with respect to the tax benefits to incentivize charitable giving. I am truly excited that our lawmakers chose to not only help individuals and businesses, but also included in the law all non-profit organizations, like the Kentucky 4-H Foundation, whose work is critical in providing the many services needed in our Commonwealth and country.
The Chronicle of Philanthropy posted great article covering the major changes to charitable giving brought on by the CARES Act. Read more on their website….
