Law360, New York (January 22, 2018, 4:31 PM EST) -- On Dec. 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act, P.L. 115-97. TCJA enacts fundamental changes to U.S. tax law, affecting all sectors of the economy including nonprofits. Here are key highlights of the new tax law.
Charitable Giving and Charitable Financing
TCJA expands the standard deduction, increases the deductibility of cash contributions to charities and tightens some of the rules on the charitable contribution deduction.
The new tax law retains the charitable contribution deduction for those taxpayers able to claim itemized deductions. It also increases the deduction limitation for contributions of cash (but not securities)...
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