As companies aim to better align their brands and values with environmental, social, and governance initiatives, they’re looking to corporate citizenship as a driving force. According to an early 2022 survey conducted by the Conference Board, charitable giving was set to increase even more in 2022 than it did in 2020 and 2021, with ninety-four percent of major corporation respondents saying they planned to maintain or increase charitable giving this year. One facet of giving that’s crucial when it comes to budgeting and returns is tax, and it’s crucial that tax professionals not only understand the implications of charitable giving but also stay on top of their companies’ giving strategies as the trend of giving more each year continues.
Below are a handful of numbers from the survey, which offer a glimpse into corporate citizenship’s growing prominence. For a more thorough analysis of the Conference Board’s survey findings, visit bit.ly/3cjwWlO. To better understand the tax implications of charitable initiatives, read this issue’s cover story, “Managing Corporate Foundation Risk.”