Itemized Charitable Deductions Will Fall $95 Billion Under House Tax Reform Bill
With the markup of the House Republican tax reform bill, H.R. 1, the Tax Cuts and Jobs Act of 2017, in full swing, the Joint Committee on Taxation released a memorandum yesterday that confirmed the very concerns that ACR and our partners in the nonprofit sector have been proclaiming for months. “For tax year 2018, […]
What’s in the House Tax Bill?
Yesterday, House Republicans issued their tax reform bill, H.R. 1, the Tax Cuts and Jobs Act. As was anticipated, the tax reform bill doubles the standard deduction, reducing the number of itemizers from one-third of Americans to about five percent. According to IRS data, this would remove the tax incentive for an estimated $95 billion […]
ACR Statement on House Republican Tax Bill
WASHINGTON, D.C.— The Alliance for Charitable Reform (ACR) released the following statement upon today’s release of the House Republican tax reform bill, H.R. 1, the Tax Cuts and Jobs Act. “Tax reform should help increase charitable giving by protecting and expanding the charitable deduction, making it universally available to Americans of all income levels. Charitable […]
ACR News 10.31.17 – Will Tax Reform be a Trick or Treat?
>> Federal: Washington Roundup >> Federal: Universal Charitable Giving Act >> Federal: Annual Meeting Recap >> Federal: Roadmap for Action – November >> Consider This: Expect a Bumpy Ride >> Top Reads: Philanthropy Horror Stories: Donor Intent Gone Wrong It’s no trick. In fact, we’re giving you a treat with a Tuesday edition of the ACR Newsletter. […]
ACR Sessions at The Philanthropy Roundtable Annual Meeting
Last week, The Philanthropy Roundtable held its Annual Meeting in Scottsdale, AZ. As part of the programming, the Alliance for Charitable Reform held a panel on tax policy and charitable giving featuring Robert Sharpe, chairman of the Sharpe Group, and Sandra Swirski, ACR executive director. Pete Bird of the Frist Foundation moderated the panel which […]
ACR News 10.13.17 – Universal Charitable Deduction Legislation Introduced
>> Federal: Washington Roundup >> Federal: Tax Reform? >> Federal: Universal Charitable Giving Act of 2017 >> Federal: Roadmap for Action – October >> Consider This: Walk the Plank >> Top Reads: Nonprofits Battle to Get Charitable Deduction Extended to All Taxpayers Washington Roundup Last week, the House and Senate both took important steps toward tax reform […]
Legislation Would Expand Charitable Deduction to All Americans
WASHINGTON, D.C.— Legislation has been introduced by Rep. Mark Walker (R-NC), H.R. 3988, The Universal Charitable Giving Act of 2017, which would expand the charitable deduction to Americans who opt to take a standard deduction. “We thank Congressman Walker for listening to charities and introducing this bill. It addresses our concern that the current charitable […]
(VIDEO): WSJ Discusses “Sacred Cows” and Expanded Standard Deduction
Richard Rubin, the tax policy reporter for the Wall Street Journal, heads to the farm in this entertaining and educational video to discuss the “sacred cows” in the tax code and explains how a larger standard deduction squeezes itemized deductions.
Congress Passes Aid for Hurricane Recovery Efforts Through Charitable Giving
WASHINGTON, D.C.— Congress passed legislation today aimed at spurring additional charitable giving to assist with the relief efforts for Hurricanes Harvey, Irma and Maria. H.R. 3823, the Disaster Tax Relief and Airport and Airway Extension Act of 2017, includes a temporary suspension of limitations on the deduction for charitable contributions to qualified hurricane relief efforts […]