April 08, 2020

Law360 Quotes Bob Waldman on the CARES Act Lifting the Cap on Deductions for Donations

1 min

On April 8, 2020, Bob Waldman was quoted in Law360 regarding the CARES Act lifting the cap on charitable contribution deductions for donations.

According to the article, the 2017 tax overhaul increased the adjusted gross income limit for deductions for cash donations to public charities from 50% to 60% through 2025. However, the increased limit applies only if all of the donor’s contributions to a public charity are in cash. The CARES Act, signed into law by President Donald Trump last month, lifted the cap entirely for 2020, but not for gifts to donor-advised funds or supporting organizations.

Waldman told Law360 that donors don’t often come up against the 60% cap and that he doesn’t expect many donors will increase giving because lawmakers lifted it.

“The tax stuff can help,” he said. “But I’m not sure it’s ultimately the driver here.”

Click here to access the article.