The team at Hudson Community Foundation (HCF) helps you stay up to date on legal and policy developments that could impact planning recommendations for your or your philanthropic clients. It is our pleasure to serve as a resource for attorneys, CPAs, and financial advisors as you set in motion your or your clients’ wishes to support their favorite charities and important community causes.
As you question the tax reforms on the horizon, we’re watching a handful of sources to know the trends in charitable tax planning:
Key provisions of the 2017 Tax Cuts and Jobs Act are very much on the radar. You’re likely well aware of the impending expiration of the TCJA, scheduled for sunset at the end of 2025. It’s wise to keep an eye on evolving legislative activity. According to a recent analysis by the Dorothy A. Johnson Center for Philanthropy, the so-called “tax cliff” coincides with three major trends: declining public trust in institutions, a decades-long decline in donor participation despite rising total donations, and ongoing policy debates about charitable tax incentives.
A “universal charitable deduction” still has momentum. The Charitable Giving Coalition, representing hundreds of nonprofits, is urging Congress to pass the bipartisan Charitable Act to install a permanent charitable tax deduction for non-itemizers. Tax news coverage late last year signals that the effort aims to counter a sustained decline in U.S. charitable giving linked to the TCJA, which increased the standard deduction and reduced itemizing, disproportionately removing tax incentives for lower- and middle-income donors.
Industry advocacy remains high. As laws change, it’s important to know that the Council on Foundations, an industry association, advocates for a supportive regulatory environment to strengthen philanthropic organizations’ ability to address community needs and advance civil society. The Council publishes regular updates about the current issues impacting charitable giving, potential legislative outcomes, and the nuances of the legislative process, including budget reconciliation.
Reach out to our team to discover how the Hudson Community Foundation can help you or your clients achieve their charitable goals regardless of what happens with tax reform. Philanthropy is a factor in sustaining our community’s quality of life, and we look forward to working with you and your clients to ensure that our region continues to thrive.
We welcome the opportunity to work with you and any of your philanthropic clients to establish an enduring and rewarding family philanthropy program that is customized to meet each client’s unique purpose.
With a fund at Hudson Community Foundation (HCF), advisors can manage the charitable assets on their preferred platform at any amount. Assets stay under your management. You can provide your clients with the consistent investment advice they expect. We are your partner in charitable giving!
The team at HCF is a resource for philanthropic clients. We understand the charitable side and are happy to serve as a secondary source as professional advisors manage the primary relationship with their clients. This blog is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice.
