The Tax Cuts and Jobs Act (TCJA), effective January 1, 2018, represents one of the most significant changes to the US Tax Code in decades. One area in which TCJA appeared to formally change little was the tax deductibility of charitable gifts. Other changes under TCJA, however, particularly those resulting in a dramatic reduction in the number of taxpayers who itemize, have had a profound impact on charitable giving and require new strategies for charitable gift planning. This article will explore those changes and suggest opportunities to maximize the tax benefits of charitable giving under the new law.
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