On Monday, the IRS announced that the charity that was awarded the 2012 charitable deduction for the 2016 tax year will be filing for an annual filing period of April 15, 2019.
According to the IRS, the nonprofit charity that has the most money on its books and assets will be named as “Charitable Assistance Corporation.”
Charitable Assistance has received more than $3 billion in charitable contributions over the last five years.
Charitable assistance is an IRS program that allows charities to deduct the tax they pay on their assets to the government, and the tax is not paid directly by the organization.
The charitable deduction is an important tax-avoidance tool for most nonprofits, as it allows them to avoid paying federal taxes on their income.
This allows them more flexibility in setting up their nonprofit and minimizing the impact on their bottom line.
For this year, charitable assistance will be available for the entire 2017 tax year, including the 2017 filing period.
Charitable assistance can be used on the following items:Charitable donations made to charities and non-profitsCharitable contributions to nonprofit organizationsCharitable gifts and donations of non-perishable foodItems that can be donated to a nonprofit that qualify for charitable deductionFor more information on charitable deduction rules, visit IRS.gov/donations or call 501(c)(3) at 1-800-424-8100.