“You know, when you open up the tax code, wonderful things can happen and awful things can happen,” said Danielle Clore, the CEO of Kentucky Nonprofit Network, whose organization supports all three bills.
The standard deduction for a married couple almost doubled from $12,700 to $24,000. This means less people will be itemizing, opting to take the standard deduction instead.
David Thompson predicts that designated parking spots for pastors in Charleston, the so-called “Holy City,” may soon disappear as churches realize they can’t afford a new tax on employee parking.
“It will impact organizations that never had to file these forms. Now they have to,” said David L. Thompson, vice president of public policy for the National Council of Nonprofits in Washington.
Rick Cohen with the National Council of Nonprofits says charities are encouraging average folks to give year-round and changing their messaging, "a focus more on the mission of the organization than on the tax benefit that the donor would receive...
"There are a lot fewer people who will be itemizing their taxes next year with the doubling of the standard deduction." "Small donations really make a big difference."
Changes to the federal tax code — like the doubling of the standard deduction under the new tax law — are expected to impact charities and non-profits, beginning with end-of-year giving.
With the donations, the shelter provides emergency housing for 14 families at a time. Sometimes it is parents and children but can also be grandparents and grandchildren.
And it is full virtually all the time, Casson said.
Rick Cohen, chief communications officer for National Council of Nonprofits, said many nonprofits still are hoping to avoid the worst of those effects — at least for this year.
“The change is particularly concerning because there are so many nonprofits that are already overstretched and even a small decrease in donations could have devastating effects for a small nonprofit and the people they serve,” said Rick Cohen,...