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COVID-19 Update – How the CARES Act Affects Tax Benefits Related to Charitable Giving

On Friday, March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act” or “Act”). The Act was one of several Congressional responses to the COVID-19 emergency and it covered many areas, including the tax benefits related to charitable giving.

Generally, there are limitations on deductions for charitable contributions for both individual and corporate taxpayers based on the taxpayer’s adjusted gross income (“AGI”), in the case of individuals, and taxable income, in the case of corporations. The CARES Act increases the limit on individual taxpayers’ deductions for cash contributions to public charities from 60% of the individual’s AGI to 100% of the individual’s AGI. This increase effectively suspends the limit for individuals in 2020.  For corporate taxpayers, the CARES Act increased the income limits on the deduction for charitable cash contributions from 10% of the corporation’s taxable income to 25% of the corporation’s

Families First Coronavirus Response Act Part 1 of 2: Small Employer Tax Credits

March 27, 2020

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The Families First Coronavirus Response Act (“FFCRA“) generally requires U.S. employers with fewer than 500 employees (“Small Employers”) to provide paid sick leave and additional FMLA benefits to their employees.[1] You can read our summary of the Emergency Paid Sick Leave Act and the Emergency Family and Medical Leave Expansion Act here and here, respectively.

In order to offset some of the costs these provisions impose on Small Employers, the FFCRA also provides a quarterly payroll tax credit equal to 100% of the qualified sick and leave wages paid to employees under the Emergency Paid Sick Leave Act and the Emergency Family and Medical Leave Expansion Act.

The amount of leave wages taken into account is limited with respect to each individual employee for purposes of the credit.

  • For sick leave wages paid due to an employee’s illness or quarantine, the

The Best Lawyers in America© Team Members

August 21, 2018

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The Best Lawyers in America© Team Members

August 21, 2018

Authored by: BCLP

Congrats to our Team Members, Gino Serra, Frank Wolff, and Keith Kehrer, for inclusion in the 2019 Edition of The Best Lawyers in America© in the Nonprofit / Charities Law category. Congrats to our Team Members Kimberly Civins, Michael Bland, Renee Gabbard, Shannon Barks, John Ready, Steve Daiker, Larry Brody, John Schaperkotter and Kathy Sherby for inclusion in the 2019 Edition of The Best Lawyers in America© in the Trusts and Estates category.

The Best Lawyers in America© is the oldest lawyer-rating publication in the U.S., and inclusion in Best Lawyers is based entirely on peer-review.