On January 1, 2018, the Tax Cuts and Jobs Act went into effect, providing significant tax reductions for both individuals and corporations and doubling the amount of the standard deduction that individuals can claim in their tax returns. How are nonprofit and foundation leaders viewing the implications of this legislation? What role can funders play in helping grantees respond to it?
As the nonprofit sector anxiously waits to see how low charitable giving will drop this year as a result of federal tax reform that significantly reduced giving incentives, there is some good news on the horizon. A new study highlights a major opportunity for the charitable sector to dramatically increase philanthropy by focusing on an historic transfer of wealth taking place in our country right now.