On March 27, 2020, the Coronavirus Aid Relief and Economic Security Act (the CARES ACT) was passed and signed into law. The 2.2 trillion economic stimulus package was designed to provide expanded financial assistance through a variety of benefits including individual tax rebates, extended unemployment benefits, easier access to business loans, and support for distressed industries and healthcare providers.

The CARES Act also offers expanded benefits to those who give to charitable organizations in the following three ways:

1. Donors who itemize may continue to deduct charitable gifts as they have before but will receive a special deduction for cash gifts made in 2020. Such gifts will qualify for deductibility of up to 100% of their adjusted gross income but only for cash gifts made in 2020 and only to those gifts made directly to churches and public charities.
2. Givers who do not itemize but instead take the standard deduction are now entitled to deduct up to $300 from their income for cash gifts made in 2020 to churches and public charities. This is in addition to the standard deduction.
3. Finally, the CARES ACT increases the limit on deductible corporate charitable gifts from 10% to 25% of the corporations’ taxable income. Once again, the increased deduction is only for the cash gifts to churches and public charities.

We are all so very thankful for you and so many other faithful donors. We know that you don’t support the work of OM because of the tax benefits. Having said that, we are more than happy to help you be the best steward you can be with the resources God has entrusted to you. We pray for you and thank God for you daily. Please let us know of any specific concerns we can pray for, or how we can assist with any of your giving questions.

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