Posts Categorized: Charitable Deductions

What is the Difference Between a Public Charity and a Private Foundation?

In the nonprofit sector, the words “charity” and “foundation” often are used interchangeably. However, underlying these terms is a legal concept critical to most 501(c)(3) tax-exempt organizations. Each 501(c)(3) is classified by the IRS as either a “public charity” or a “private foundation.” This classification has significant implications for the organization as it impacts the …

READ MORE »

What Are Non-Profit Bylaws?

December 30, 2021 Posted by Casey Summar in Advocacy, Charitable Deductions

The creation of a non-profit organization requires completing several important steps. Once your non-profit has been incorporated, often the next step is to draft the organization’s bylaws. The bylaws are one of the most important documents for your organization. They are the rules that will govern the conduct and duties of the non-profit’s governing body, …

READ MORE »

Year-End Charitable Contribution Tax Deduction Options

It’s time to think about year-end charitable contributions. For 2021, there are a plethora of enticing incentives for donors looking for a tax deduction for their donations. 100% Deductibility 2021 is the last year that cash donations to public charities (other than donor advised funds) will be deductible in amounts up to 100% of the …

READ MORE »

Additional Coronavirus Relief for Nonprofits

December 23, 2020 Posted by Kristen Anderson in Charitable Deductions, COVID-19, Nonprofits

Congress approved a stimulus bill on December 21, 2020 that, if signed by the President, will provide additional coronavirus relief to nonprofits. The bill not only includes an extension of the temporary above-the-line charitable deduction, but also offers another round of forgivable Paycheck Protection Program (PPP) loans to nonprofits. Additionally, it includes several provisions that …

READ MORE »

Nonprofits Already Hit Hard by COVID-19

Even at this early stage in the COVID-19 pandemic, nonprofits are already reeling from its effects. And they promise to be devastating. It’s too soon to predict the ultimate impact, but it’s a fair projection that economic ruin will fell many organizations – unless they are saved by patrons funders and legislators. Performing Arts Hard …

READ MORE »

Retroactive Deductions for Philippines Relief Donations

The Philippines Charitable Giving Assistance Act, enacted March 25, 2014, allows taxpayers who make cash contributions on or before April 14, 2014 for Philippines typhoon relief to claim charitable deductions for the contributions on their 2013 returns. Eligible contributions may be claimed on either a 2013 or 2014 return, but not both. “Cash” contributions include …

READ MORE »