Due to the financial challenges brought on by the coronavirus pandemic, many are seeking assistance from charitable organizations. At the same time, fewer people have the resources to donate and support these organizations. To incentivize philanthropy during this difficult time, the recently enacted Coronavirus Aid, Relief and Economic Security Act (CARES Act) included various provisions relating to charitable contribution deductions for individuals and corporations.
Qualified Charitable Contributions
The charitable giving provisions in the CARES Act apply to Qualified Charitable Contributions.
Qualified Charitable Contributions under the CARES Act are those that are:
- made in cash;