For tax year 2014, there were 43,965,083 individual tax returns filed that itemized deductions on Schedule A. The total amount of itemized deductions in 2014 were $1,206,705,085. Deductions relating to charitable cash contributions were $155,455,063 and other than cash contributions were $65,330,485.
On December 15, 2015, Congress passed the Protecting Americans from Tax Hikes Act (PATH Act) which extended several tax provisions. Enhancing Code Section 179 expensing rules and the five-year extension of first-year bonus depreciation have far reaching benefits impacting for-profit businesses. But there were other provisions of the PATH Act that will directly impact nonprofit organizations as well.
To improve compliance, Section 201 of the PATH Act modifies the filing dates of returns and statements relating to employee wage information and nonemployee compensation.