Sarah Ford | November 5, 2014
Republican’s Senate Wins Boost Prospects of Tax Changes for Nonprofits
By Alex Daniels
With Republicans poised to take control of the Senate following Tuesday’s elections, it is likely that lawmakers will dig deep into the tax code soon after a new Congress is sworn in next year. While that means added scrutiny on the charitable deduction and the tax treatment of nonprofits, charity leaders are confident a solidly Republican Congress will keep their cherished provisions intact.
Before the current Congress wraps up its business, however, charity officials expect lawmakers to consider certain items in the tax code, including moving the deadline for claiming the charitable deduction from the end of the year until April 15 as well as a set of tax preferences that are usually renewed each year.
Also, Congress has yet to take action this year on the “tax extenders,” expiring provisions of the tax code that include benefits for land conservation, donations to food banks, and contributions to charity made from certain retirement accounts.
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