Blog Archives: Karen Dunn

The chances of an IRS examination of a tax-exempt entity is one in 742, reported the Treasury Inspector General For Tax Administration (TIGTA) in February. For-profit businesses are five times as likely to be examined (one in 156) and individuals are three times as likely to be examined (one in 226). The rate for churches is about one in 5,000.

To better show you how many this is, during FY 2019, there were almost 1.5 million Form 990 series returns and notices filed; however, the EO function examined approximately 2,000 (0.13 percent) Form 990 series returns during the same year.

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The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTR) signed into law in December 2020, extends certain favorable CARES Act provisions regarding charitable deductions and provides for disaster relief deductions. Here are the highlights.

Individual Charitable Contribution Deduction for Non-Itemizers

Individuals that do not itemize deductions on their tax returns may take a charitable deduction for 2020 up to $300 per return for cash contributions to an organization exempt under Code Section 501(c)(3), except for contributions to supporting organizations and donor advised funds. This deduction will also be available for 2021, up to $300 (and, added by TCDTR, $600 on a joint return).

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