Q: New stimulus bill and tax code?
I was speaking to a board for a musical organization I am on - we were discussing the "new" stimulus package and tax changes...... have your CPA looked at this? Are you gearing up to loose lots of small donors? We all thought that the way is read - people who contributed small amounts in the past - might not since you can not total all the small amounts anymore off your taxes? In fact it sounds like - donations you make to anywhere can't be taken off unless they are so much of a percentage of your gross - (that has always been - but - the percentage is much higher now?) I know from being on symphony boards - we rely heavily on the $75- 100/ donations that are made either once or a few times a year?
It really sounds to me like Congress wants all charities/arts org. to be knocking at their door? We are working with a team of CPA's to figure it all out for our group?
I certainly do not want this to be a political question - I want to find out if any other places have read through the bill - and how are they going to work around it? We do not want any shelters going under at this time -hopefully? There may be some arts groups that do though?
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