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COVID-19 Charitable Contributions

Critical Tax Deadlines and Dates

The recently issued Coronavirus Aid, Relief, and Economic Security (CARES) Act modifies certain allowances and limits on charitable contributions.

1. Allowance of partial above the line deductions for charitable contributions (Section 2204 of the Act)

This section allows the individuals, who elect not to itemize deductions, to claim an above-the-line deduction for cash donations up to $300 to qualified charitable organizations. In order to be deductible, the contribution must be made to a charitable organization described in Internal Revenue Code section 170(b)(1)(A) which includes churches, schools, hospitals, university endowment foundations, publicly supported organizations, and governmental units.

This section applies to taxable years beginning after December 31, 2019.