Next 2020 Census Data Product to be Released in 2023

The Census Bureau plans to release the Demographic Profile and the Detailed Demographic and Housing Characteristics File (DHC) together in May 2023.The Census Bureau had tentatively planned to release the two products later this year but pushed the date to 2023 because of the need for additional processing time and to allow time for implementing new, stronger confidentiality protections. The revised schedule enables the Census Bureau to take the time needed to produce the high-quality statistics the public expects. More information about the schedule change is available in the 2020 Census Data Products: Next Steps for Data Releases blog.

To read more please see the link below:     https://www.census.gov/newsroom/press-releases/2022/2020-census-data-products-schedule-2023.html

A tax how-to guide for private foundations

Despite enjoying tax-exempt status, private foundations are not immune to taxation. Yes, as long as a private foundation does not engage in activities unrelated to its tax-exempt mission, it will not be subject to any income taxes; however, private foundations, unlike their public charity counterparts, are potentially subject to an assortment of excise taxes. They are subject to the complex tax rules of Chapter 42 of the Internal Revenue Code; navigating those rules is crucial to effective tax planning.

To learn more please see the link below: https://www.grantthornton.com/insights/articles/nfp/2023/tax-how-to-guide-for-private-foundations

Lankford, Coons Introduce Bill to expand Charitable Deduction 2023

Sens. James Lankford (R-OK) and Chris Coons (D-DE) introduced bipartisan legislation this week to expand and extend the expired non-itemized deduction for charitable giving. The bill, called The Charitable Act, would allow all taxpayers who do not itemize to claim a deduction of up to one-third of the value of the standard deduction for charitable contributions, which would be around $4,500 for individuals and $9,000 for married joint filers. The standard deductions for tax year 2023 are $13,850 for individuals and $27,700 for married joint filers.

To read more please see the link below: https://powerofassociations.org/news/2023/03/lankford-coons-introduce-bill-to-expand-charitable-deduction/

Philanthropy Trends to watch in 2023

Charitable giving has been in the headlines frequently in recent years. Some of the news is welcome, like the outpouring of generosity from donors in response to the Covid-19 pandemic. Some are concerning, like the declining number of American households that give.

To read more please see the link below:  https://www.forbes.com/sites/forbesnonprofitcouncil/2023/01/27/philanthropy-trends-to-watch-in-2023/?sh=634b04bd288d

The Center on Philanthropy & Public Policy

The Center on Philanthropy and Public Policy promotes more effective philanthropy and strengthens the nonprofit sector through research that informs philanthropic decision-making and public policy to advance community problem solving.

To learn more please see the link below:  https://cppp.usc.edu/