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Tax News

The Consolidated Appropriations Act, 2021 (effective 2021)

Congress has provided several economic incentives to help address the far-reaching effects of the COVID-19 pandemic, including tax advantages for charitable giving, such as those found in the March 2020 CARES Act. In December 2020, the Consolidated Appropriations Act, 2021, was signed into law. It contains charitable giving tax incentives similar to those in the CARES Act, which are described below. Please note that these provisions are scheduled to expire at the end of 2021.

The CARES Act (effective 2020)

Like you, Bentley is adapting and changing in response to the COVID-19 pandemic and accompanying economic uncertainty. As we adjust to our new reality, we would like to bring to your attention new tax incentives for charitable giving that were included in the March 2020 Coronavirus Aid, Relief, and Economic Security Act, or CARES Act. The CARES Act, which addresses the far-reaching effects of the COVID-19 pandemic, provides additional tax incentives to encourage charitable giving.

The SECURE Act (effective 2020)

The IRA charitable rollover (also called the Qualified Charitable Distribution, or QCD) is a great way to make a tax-free gift to Bentley.

The Tax Cuts and Jobs Act (effective 2018)

Clocking in at 503 pages, the new tax law became effective on January 1, 2018. The provisions relating to individuals are set to expire at the end of 2025, meaning that unless Congress acts before then to extend the provisions or make them permanent, in 2026 the 2017 law would be back in effect.