Would your nonprofit benefit if charitable donations could be made until April 15 and be claimed on the donor’s prior year tax return? The Charitable Giving Extension Act has been proposed by the legislature to improve individuals’ tax planning abilities, which could potentially shift the height of donation season to April, typically a slower time for nonprofits. Bills have also been proposed to extend the IRA charitable rollover and to reduce excise taxes for foundation investment income.
July 7, 2014