Members of Congress passed a sizable tax-cut package late on December 17, and it barely hit President Obama's desk the next day before he signed it into law. According to one media report, the package extends, adds, or modifies nearly 25 significant tax benefits for a wide range of Americans. Not surprisingly, the package has implications for churches and clergy, including a lower Social Security tax rate for non-ministerial employees who earn up to $106,800 in 2011, which means churches need to adjust their payrolls accordingly now.
Richard Hammar detailed at least 64 changes in tax law for the 2010 filing season that churches and clergy should note in his January/February Church Law & Tax Report. He's now created an updated document regarding these most recent developments that will become available later this month on ChurchLawAndTaxStore.com, where you can also find his 2011 Church & Clergy Tax Guide, a must-have reference throughout the year ahead.
In the meantime, as you work to make sense of it all, you should take advantage of a unique opportunity at 1 p.m. EST on January 12. That's when Rich, along with Dan Busby, president of the Evangelical Council for Financial Accountability, will co-present a live webinar titled Congregation Filings Issues for 2010 Data. Rich and Dan will present key informational updates, plus take participant questions. You won't want to miss it!
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