In This Issue—Spring 2020

• University of Illinois System Unites to Fight COVID 19
• CARES Act Provides Relief for Individuals and Businesses
• Required Minimum Distributions Waived in 2020
• New Charitable Deduction Available for Non-itemizers
• Deduction Limits Increased for Cash Gifts
• Penalties Waived for Retirement Account Withdrawals
• Increased Charitable Deduction Limits for Corporations

Increased Charitable Deduction Limits for Corporations

The contribution limit for corporations has been 10% of taxable income. For 2020, that limit has been raised to 25% for cash contributions. The purpose is to enable companies that are doing well in this economy to give more to their communities.

The Act also increases from 15% to 25% the percentage of taxable income certain corporations claim when they contribute food inventory for the needy. This may help replenish depleted food inventories at food banks.