Coronavirus Aid, Relief, and Economic Security (CARES) Act

Earlier this year, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed, providing immediate relief for nonprofits, businesses, individuals and state and local governments. In addition to facilitating direct financial relief to nonprofit organizations, the CARES Act includes charitable giving incentives for donors as well: 
 

• Everyone (even non-itemizers!) may take an above-the-line deduction for total charitable contributions of up to $300. The incentive applies to contributions made in 2020 and would be claimed on tax forms next year. 
• The current cap on annual contributions for those who itemize is also lifted, raising it to 100% of adjusted gross income from 60%. Additionally, the annual limit is raised to 25% from 10% for corporations. 
• Individuals are not mandated to take the required minimum distribution from most retirement plans this year and you can still make qualified charitable contributions from your IRA up to $100,000. 

 
The full text of the CARES Act can be found here with the charitable giving incentives listed in sections 2203, 2204 and 2205.