Contact: Sandra Hoekstra-Lower, 630-260-6200 x4224, shoekstralower@christianitytoday.com
CAROL STREAM, Ill., Jan. 9, 2012 /Christian Newswire/ - Congress enacted new tax laws in 2011 that include provisions of direct relevance to churches and church employees. Several of the most important changes and clarifications are summarized in the January/February issue of Church Law & Tax Report and will assist ministers and churches in correctly preparing tax forms and returns for 2011.
Clergy and lay church leaders will want to take note of the following tax law changes: housing allowance challenged; inflation adjustments for 2011; standard mileage rates; earnings subject to the self-employment tax; new IRS smartphone app; extension of expiring provisions for the tax relief, unemployment insurance reauthorization and job creation act of 2010; penalty for non-compliance with health insurance mandate; tax credits to make health insurance more affordable; increase in IRA contribution limits; and more.
Churches will want to take note of these tax law changes as well: small employer health insurance tax credit; increase in wages subject to FICA tax; IRS postpones enforcement of new nondiscrimination rules for insured group health plans; and more.
In addition to explanations of all 59 tax developments the January/February issue of Church Law & Tax Report includes tax deadlines you don't want to miss. Churches can stay current on changing tax developments throughout the year by subscribing to Church Law & Tax Report.
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