The CARES Act, which was signed into law on March 27, 2020, includes provisions affecting both individual and corporate donors.* These provisions include the following:
Donor-Advised Funds Not Affected
Deduction limitations for charitable gifts to Donor Advised Funds, private non-operating foundations, and supporting organizations were not changed under the CARES Act. The changes to the $300 universal charitable deduction and the suspension of the AGI limit do not apply to contributions made to a Donor Advised Fund.
We Can Help
Need help determining how to support local and national relief efforts related to the COVID-19 pandemic? We are here for you. Please contact Executive Director Cory J. Howat (chowat@ccfnola.org) or CFO Regina Templet (rtemplet@ccfnola.org).
*Provisions pertain to the 2020 tax year.
**The $300 limit applies to the tax-filing unit. For example, married taxpayers who file a joint return and do not elect to itemize deductions are allowed to deduct up to a total of $300 in qualified charitable contributions on the joint return.