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C Corporations Fiscal Year
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LAD1
Level 1
11-20-2020
02:13 PM
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I have a fiscal year C corporation with a year ending 8/31/2020 that made a charitable contribution in June 2020. Under the CARES act, it appears the deductible limitation should be 25% versus 10%. The 2019 Proseries program is using 10%. Am I correct that 25% should be the limitation? If yes, does anyone know if the 2019 Proseries program will be updated for this legislation change?
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IRonMaN
Level 15
11-20-2020
02:34 PM
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"does anyone know if the 2019 Proseries program will be updated for this legislation change"
I'm going to guess "no". The good news is they are too busy mucking up the 2020 version of the software to go back in and create chaos with the 2019 program.
Slava Ukraini!
