Churches and nonprofits worry charitable donations will plummet under new tax law

 · Wednesday, January 3, 2018 If you spent the holidays enjoying a well-deserved break, here are some stories you might have missed! “democrats spent 2017 building the largest battlefield in a decade, recruiting incredible candidates, and setting grassroots fundraising records.

Tax overhaul didn’t make big changes to these deductions, but a much larger standard deduction means far fewer filers will choose to itemize.

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Changes in federal income tax laws that take effect Jan. 1 have some churches and other nonprofits concerned that donations will drop substantially while demand for services will increase.

The new tax law increases the standard deduction, effectively shielding the first $24,000 of household income (for couples) from taxes. This will likely dramatically reduce the number of American families who itemize deductions for breaks on things such as medical bills, mortgage interest and charitable deductions.

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Non-profits may be able to recognize a portion of the fixed asset gifts each year equivalent to the annual depreciation expense. This eliminates the situation, in which a non-profit shows a surplus in the year of the gift and deficits in subsequent years.

(Washington Post); Charities' Fear Under Tax Bill: Less Money to Help the Needy (New York Times); Churches and nonprofits worry charitable donations will plummet under new tax law (The News&Observer); How the new 2017 US Tax Law.

Charitable donors will still give, even if they don't get the same tax breaks.. A timely question for Giving Tuesday: Will the new tax law affect charitable giving?. a software company working specifically in the nonprofit industry.. reason for charitable organizations to be concerned, she said, as donations.

 · After incorporating in your state and setting up your nonprofit’s 501(c)(3) status with the IRS, the biggest regulatory concern that you’ll have is maintaining ongoing compliance with the law. The regulatory filings required for both state and federal entities are used to determine whether your nonprofit has followed the necessary rules to qualify as a charity and to maintain your tax exempt status.

claimed the measure would merely "restore the law. by churches or unions, and on documentaries critical of politicians running for office-are not at all fanciful. In fact, that last example is.