A McGuireWoods client alert on the CARES Act providing tax relief to encourage charitable giving in 2020 was cited in an April 8, 2020, Forbes article about the new charitable rules incentivizing generosity during the COVID-19 pandemic.
McGuireWoods partners Michele A. W. McKinnon, Bradley Ridlehoover and Jean Gordon Carter, and associate Alicia O’Brien wrote the March 31 alert. It addressed provisions in the CARES Act related to charitable giving, including one that creates a new partial above-the-line deduction for cash contributions up to $300 to certain charitable organizations for taxpayers that elect not to itemize deductions.
The Forbes article quoted the McGuireWoods alert: “Because of the significant increase to the standard deduction for individuals after the enactment of the 2017 Tax Act, it is estimated that more than 85% of taxpayers will not claim itemized deductions on their federal income tax returns for tax year 2019. As a result, many people have learned they did not or will not receive any direct tax benefit for their 2019 charitable contributions.”