KPMG: JCT report on federal tax treatment of charitable contributions ahead of Finance Committee hearing (March 11, 2022)

KPMG reports that the Joint Committee on Taxation (JCT) released a hearing document containing an overview of the present law rules relating to the federal tax treatment of charitable contributions. It’s summary begins as follows:

The Senate Finance Committee has scheduled a public hearing for March 17, 2022, concerning the topic “Examining charitable giving and trends in the nonprofit sector.”

In advance of the hearing, the staff of the Joint Committee on Taxation (JCT) today released a hearing document containing an overview of the present law rules relating to the federal tax treatment of charitable contributions, a discussion of economic issues relating to federal tax incentives for charitable giving, and data relating to charitable contributions.

Read the JCT report: JCX-2-22

To see the full report, click here: “JCT report on federal tax treatment of charitable contributions ahead of Finance Committee hearing”

Posted by Anthony Tran, Associate Editor, Wealth Strategies Journal

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