In response to the COVID-19 pandemic, Convoy of Hope provided more than 200 million meals to those in need. In the process, Convoy learned a lot about new ways to help people, how many are willing to help when others are in need, and how important partnerships are. Now, the IRS is providing incentives for those who have helped — and still plan to help — as Convoy provides for people affected by COVID-19.
On March 25, 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, in response to the effects of COVID-19. The CARES Act is a $2.2 trillion economic stimulus bill, which among other things, allows people to give more money with greater tax savings than any time in recent history.
“Our nation’s charities are struggling to help those suffering from COVID-19, and many deserving organizations can use all the help they can get,” said IRS Commissioner Chuck Rettig, in a statement that the IRS published to inform taxpayers of the CARES Act.
Perhaps the most significant part of the CARES Act is the fact that donors may give up to an entire year’s worth of adjusted gross income and deduct 100% of it when properly structured (compared to a 60% limit prior to the CARES Act).
There is never a wrong time to do good. But now more than ever, those who wish to help others through charitable donations may do so in a way that allows for mutual benefit between the donor and the recipient.
Contact your trusted financial expert to see if the CARES Act can help you provide for those in need. To contribute to Convoy of Hope in giving back to individuals and families around the world, click here.
Convoy of Hope considers it a blessing to help people around the world and is incredibly grateful for those who support this mission.