The pandemic has put many people and businesses in need of help. The government has stepped up to do this via Economic Impact Payments and various tax breaks. And individuals and companies have responded to this need through various charitable efforts. From a tax perspective, there are new rules for 2020 to incentivize this giving.
Increased Cash Contribution Limits
The Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136), which was signed into law on March 27, 2020, changed the rules for cash contributions for both individuals and C corporations that are made to public charities after Dec. 31, 2019. The enhanced deduction limits do not require that donations be made for COVID-19-related purposes.
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