The CARES Act: What You Need to Know

The recently enacted Coronavirus Aid, Relief, and Economic Security Act, known as the CARES Act, includes several provisions that directly impact charitable giving.

Among the changes this legislation effects are granting higher charitable gift deduction limits for the 2020 tax year, suspension of Required Minimum Distribution Requirements (RMDs) from qualified retirement plans, and a new tax adjustment benefit for those who do not itemize.

Read more about the provisions under the CARES Act, which are extensive and include numerous provisions that could benefit you financially. Consult your advisers about these provisions, and contact us if we can help you with any gift-planning opportunities.