These are difficult times for everyone, and we all find ourselves in uncharted waters. The Arboretum Foundation wants to let you know about a few key provisions of the CARES Act, which is designed to help individuals, nonprofits, and businesses facing economic hardship during the COVID-19 pandemic.
By expanding charitable-giving tax incentives, the new law has shifted the way donors can support nonprofits in 2020. Watch this short video, featuring attorney Lynn Gaumer, who has covered the charitable sector for 25+ years, and you will learn:
- How to navigate the suspension of the required minimum distribution.
- How to use the $300 universal charitable deduction to support non-profit organizations.
- How the lifted cap on annual contributions (increased from 60% to 100% of adjusted gross income for 2020) helps those who itemize.
We are so grateful for your generosity, which keeps the Arboretum thriving and open to everyone. If you have questions about the new incentives, contact your tax advisor. To discuss how your gift can help further the Arboretum Foundation’s mission, please contact our Director of Development, Lee Benner.