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Now that we’re into 2018, it’s vital if you’re a nonprofit leader, fundraiser, or board member to understand what the Tax Cuts and Jobs Act may do to the philanthropic sector. Keep in mind that this is the first major overhaul of tax regulation in more than a generation, so it’s going to have wide-ranging impact. Lawyers and accountants have been working overtime to understand the implications for the new tax law and the IRS is gearing up to get ready for what is going to be an interesting tax season.
If work or lead a charitable organization, you need to be aware of the reality that the new law is expected to affect your fundraising efforts adversely. In other words, you need to speak to your professional advisors, and you should get your team together to prepare an all-hands on deck approach to ensuring the ongoing sustainability of your organization as donor giving patterns will undoubtedly change.
The Council on Foundations released a statement that said the following, “Today’s passage of the Tax Cuts and Jobs Act will result in a decrease of $16-$24 billion in charitable giving every year, significantly decreasing the philanthropic sector’s ability to provide resources and services to people across the United States and abroad.” The most significant reason for the expected drop in charitable giving in 2018 is because the majority of individuals and families will no longer itemize deductions on their