The Consolidated Appropriations Act Changes to the Charitable Income Tax Deduction
By EsqSocial Corporation 20/01/21
The Consolidated Appropriations Act of 2021 (CAA, Public Law No. 116-260) was signed into law on December 27, 2020. The Act extends and expands changes to the rules of charitable giving enacted under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (CARES Act, Public Law No. 116-136) and increases the penalty for tax underpayments attributable to an overstated charitable contribution by a taxpayer who does not itemize....
By: Foley & Lardner LLP