Guidance on Tax-Free IRA Distributions to Charity

The Tax Code has several provisions encouraging individuals to make charitable contributions. One of these provisions allows individuals who are at least 70 1/2 by the end of the year to make a contribution of their taxable individual retirement account (IRA) distribution.

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Categorized as Non-Profit

Employee Retention Credit Extended and Expanded

The Consolidated Appropriations Act, 2021 extends and expands the employee retention credit first created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The employee retention credit is designed to encourage businesses to keep workers on their payroll and support small businesses and nonprofits through the Coronavirus economic emergency.