Nolo

The Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) which was signed into law on March 27, 2020, allocated a record $2 trillion in various forms of relief to businesses, individuals, various government agencies, and yes, nonprofit organizations. The idea is to smooth the financial disruption caused by the COVID-19 pandemic.  Specifically what’s in it that can help nonprofits in financial trouble? In brief, you might be able to access loans to: Help meeting payroll, rent, mortgage, or…

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Any day now, Americans preparing their Forms 1040 are going to either learn or come face to face with a certain cold truth: their charitable deductions do them no good, tax-wise. (Unless they’re super rich, that is, but the super-rich don’t even prepare their own 1040s; their accountants will figure out the value of their gifts to nonprofit organizations.) It’s not that the charitable deduction is gone. The reason for this change is the doubling of the standard deduction that…

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End-of-year giving traditionally gives struggling nonprofits a way to make up for any lost ground and get a budgetary boost into the new year. Starting with Giving Tuesday (November 27 this year), the public is treated to, or annoyed by, a chorus of messages from needy nonprofits. Despite any annoyance, many generous people respond, such that approximately 30% of individual giving happens in December. We are weeks away, however, from what could be a seismic shift. The timing of holiday…

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