According to the Joint Committee on Taxation, “[t]he Federal income tax charitable deduction dates back to 1917 and has remained a feature of the income tax system throughout its history” (JCX 4-13, Feb. 11, 2013). Charitable giving in the United States by individuals, businesses, foundations, and bequests totaled $335.17 billion in 2013 (Giving USA 2014 Report, June 17, 2014). Nearly three-quarters of giving is by individuals (National Center for Charitable Statistics).
However, the tax rules regarding charitable giving are continually in flux. There are new laws, expiring laws, cases and rulings that impact a deduction for charitable donations. Here are some recent developments.
