Is the New Tax Law Good or Bad News for Charitable Giving?
The new law, Tax Cuts and Jobs Act (H.R. 1), which Congress passed in December 2017, makes sweeping changes to how Americans are taxed. Individual giving will be impacted. Although the charitable contribution deduction was not directly eliminated or limited by the recent reform, fewer Americans will be able to claim a charitable deduction – making things uncertain for funding seekers!
Gain insights into the impact the new tax law will have on the giving environment in this informative and practical-minded webinar, hosted by funding expert Frank Klimko. Klimko will provide a plain-language analysis of the new law, cutting through all the chatter that only a tax attorney could understand—and deliver key information for nonprofits and charities wondering about their financial future.
Individuals are still the greatest source of charitable giving: They give roughly $281 billion annually, which represents over 70% of overall giving. So the new tax reform’s impact on individual giving, coupled with deep cuts to the federal funding stream, will indeed put the giving environment on new, shaky ground. Is the new tax law bad news? Time will tell, but Klimko will give you his expert take on the funding realities to come. Plus, he’ll present you with viable funding options—including a list of faith-based funders to explore as you begin your grants search.
Although taxpayers may have fewer incentives to give under the new tax law, there are strategies you can employ to effectively communicate your mission, motivate supporters, and find the grants and funding you seek. In these uncertain times, this session will equip you with the knowledge and skills to do just that!
This session will answer these important questions:
Wasn’t there a proposal to allow a charitable deduction for all taxpayers whether or not they itemize?
What about the Adjusted Gross Income (AGI) percentage limits on charitable gifts?
Are moving expenses taxable if paid directly to vendors or only if reimbursed to the employee?
Are charitable contributions from IRA accounts impacted by tax reform?
What important proposed tax law changes didn’t make it into the final bill?
How worried should you be about tax reform’s impact on charitable giving in 2018—and beyond?
Bonus: The presentation also includes an interactive and fun quiz session to help you sharpen your knowledge of federal grant making. Here’s one question that could be on the quiz: When is the effective date of the Affordable Care Act individual mandate penalty reducing to $0? (Although the tax bill did not eliminate the mandate, it did abolish the penalty that is due at tax time. Still, there is confusion about the actual implementation date.) Don’t know the answer? Here’s a hint: Due to concerns about the stability of the insurance markets, lawmakers were overly cautious in implementing the effective date of the penalty elimination.
Frank Klimko edits Children & Youth Funding Report, a Washington DC area-based publication which covers Congress, the Education Dept. and the various federal regulatory agencies. It is a national publication that is updated daily...