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CARES Act Provides Relief for Individuals and Businesses
Legislation known as the CARES Act, designed to rescue the economy from the effects of the coronavirus pandemic, was passed by Congress and signed into law by the president on March 27, 2020. The Act, officially named the Coronavirus Aid, Relief, and Economic Security Act, not only funds various health care needs but also provides financial relief for businesses, individuals, and institutions hit hard by the pandemic.
In recognition of the fact that charities' fundraising efforts are impeded at the very time there is a tremendous need for their services, the legislation contains certain provisions beneficial to donors. To keep you informed and assist you in planning during this unusual and difficult year, this newsletter summarizes these various provisions - all of which are effective for the year 2020.
- New Charitable Deduction Available for Non-Itemizers
- Waiver of Retirement-Plan Penalties for Purposes Related to the Coronavirus
- Charitable Deduction Limits Modified for Individuals
- Increased Charitable Deduction Limits for Corporations
- Required Minimum Distributions Waived
Contact Us and Your Advisors
The CARES Act is several hundred pages long and includes numerous provisions that could benefit you financially. Consult your advisors about these provisions, and contact us if we can help you with any gift-planning opportunities. |
