Tax Breaks: The How To Give Like A Billionaire Edition

Group 1 - The article discusses the increasing importance of charitable donations during the year-end season, highlighting that many organizations rely on these contributions to achieve financial stability [1] - The 2017 Tax Cuts and Jobs Act (TCJA) has led to a decline in donor participation by nearly doubling the standard deduction and limiting itemized deductions, which has reduced the number of taxpayers who itemize their deductions [2][3] - The Dells' recent pledge of $6.25 billion for "Trump Accounts" represents one of the largest philanthropic commitments in U.S. history, aimed at supporting children's accounts created by the One Big Beautiful Bill Act (OBBBA) [5][6] Group 2 - The Trump accounts, established under OBBBA, allow contributions of up to $5,000 per year, with additional contributions possible from employers, which do not count towards the annual limit [8][7] - The Employee Retention Credit (ERC) program, designed to assist businesses during the pandemic, has faced significant delays and complexities, with the National Taxpayer Advocate urging the IRS to resolve outstanding claims by the end of 2025 [23][27][28] - The IRS has been criticized for its handling of ERC claims, with many businesses still awaiting refunds, highlighting the need for timely processing and clarity in eligibility [24][26][27]