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Takeaways for Nonprofits About Charitable Giving Tax Update
Nonprofits are beginning to plan for their year-end giving campaigns, and a looming question is: whether federal tax changes will impact their total giving this year. The best answer to this question is we don’t know and will most likely will not know the true impact for years.
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New Donor Disclosure Rules Not Impacting 501(c)(3) Nonprofits
On July 16, the Internal Revenue Service (IRS) and Department of Treasury announced that the IRS will no longer require certain tax exempt organizations to disclose donor information in their annual tax filing. It is important to highlight that this new guidance does not affect 501(c)(3) nonprofit organizations.
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