InvestmentNews: Clients are upping charitable giving in the wake of the pandemic

Parsec Co-Director of Tax Services Larry Harris was recently quoted in InvestmentNews about individuals increasing charitable giving amidst the pandemic.

“Advisers and their clients are likely going to continue turning to DAFs as Congress considers tax hikes on the wealthy. Potential higher taxes on ordinary income and capital gains have spurred Roth conversions and capital gains harvesting coupled with a charitable gift to a DAF, said Larry Harris, director of tax services at Parsec Financial.

‘The combination of these factors served to make 2020 a strong year for DAF giving,” Harris wrote in an email. “The strength of the market and continued concerns about higher tax rates will be the deciding factors driving the level of DAF giving in 2021.'”

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