Maillie LLP’s Post

During the COVID-19 pandemic, Congress temporarily enabled individual charitable donors who didn’t itemize federal income tax deductions to deduct up to $300 in contributions in both 2020 and 2021. This appeared to motivate increased donations in 2021, but charitable giving has since dropped. Two bills in Congress would provide a universal charitable deduction that could enable nonitemizing taxpayers to deduct thousands of dollars in donations. Unfortunately, the bills haven’t gone anywhere since they were introduced. But many nonprofits and sector associations are working to change that. https://bit.ly/4fPlH0W

During the COVID-19 pandemic, Congress temporarily enabled individual charitable donors who didn’t itemize federal income tax deductions to deduct up to $300 in contributions in both 2020 and 2021. This appeared to motivate increased donations in 2021, but charitable giving has since dropped. Two bills in Congress would provide a universal charitable deduction that could enable nonitemizing taxpayers to deduct thousands of dollars in donations. Unfortunately, the bills haven’t gone anywhere since they were introduced. But many nonprofits and sector associations are working to change that. https://bit.ly/4fPlH0W

During the COVID-19 pandemic, Congress temporarily enabled individual charitable donors who didn’t itemize federal income tax deductions to deduct up to $300 in contributions in both 2020 and 2021. This appeared to motivate increased donations in 2021, but charitable giving has since dropped. Two bills in Congress would provide a universal charitable deduction that could enable nonitemizing taxpayers to deduct thousands of dollars in donations. Unfortunately, the bills haven’t gone anywhere since they were introduced. But many nonprofits and sector associations are working to change that. https://bit.ly/4fPlH0W

During the COVID-19 pandemic, Congress temporarily enabled individual charitable donors who didn’t itemize federal income tax deductions to deduct up to $300 in contributions in both 2020 and 2021. This appeared to motivate increased donations in 2021, but charitable giving has since dropped. Two bills in Congress would provide a universal charitable deduction that could enable nonitemizing taxpayers to deduct thousands of dollars in donations. Unfortunately, the bills haven’t gone anywhere since they were introduced. But many nonprofits and sector associations are working to change that. Learn more here: https://bit.ly/3kyyaK7

Problems in #CharitableGiving: Donor Advised Funds (DAFs) are rising in popularity—27% of U.S. individual charitable giving—but lack transparency and accountability. Once donations go into a DAF, there is no legal requirement that they ever come back out to working charities. This gives ultra-wealthy individuals an avenue to get publicly subsidized tax deductions for donations. Get more details on this problem from WGF grantee Institute for Policy Studies—and how we can fix it ⬇️ https://lnkd.in/ewDMKNQx

Grants from donor-advised funds (DAFs) can support qualified nonprofits in arts and culture, education, social services and more. This quick reference guide provides a clearer understanding of how DAFs can be used to support charitable organizations like yours. #Nonprofits #DonorAdvisedFunds #DAFs #Philanthropy

Donors, their advisors and nonprofits sometimes have questions about how donor-advised funds (DAFs) can—and cannot—be used. This quick reference guide provides information about how DAFs can be used to support charitable causes. #Philanthropy #DonorAdvisedFunds #DAFs

Let's talk a bit about structure around using a PPVA for charitable giving. Most PPVAs earmarked for community organizations are owned by irrevocable trusts. This allows the PPVA to be outside of the donor’s estate while providing flexibility to the trust to change the beneficiary. This prevents potential adverse tax consequences that might otherwise arise if a donor revoked a charitable gift. #PPVA #CharitableGiving

Donors, their advisors and nonprofits sometimes have questions about how donor-advised funds (DAFs) can—and cannot—be used. This quick reference guide provides information about how DAFs can be used to support charitable causes. #DAFs #DonorAdvisedFunds #Philanthropy #Grantmaking #Nonprofits

Donors, their advisors and nonprofits sometimes have questions about how donor-advised funds (DAFs) can—and cannot—be used. This quick reference guide provides information about how DAFs can be used to support charitable causes. #Philanthropy #DAFs #DonorAdvisedFunds