Wednesday, December 19, 2012

Richard Hammar Notes 39 Church & Clergy Tax Developments as 2013 Begins

Contact: Sandra Hoekstra-Lower, Christianity Today, 630-260-6200 ext 4224, shoekstralower@christianitytoday.com

CAROL STREAM, Ill.,?Dec. 19, 2012?/Christian Newswire/ --?Congress enacted new tax laws in 2012 that include provisions of direct relevance to churches and pastors. 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 2012. Some of the changes covered include:

  • The Freedom from Religion Foundation challenges the housing allowance for pastors again.
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  • A church officer or employee, having the authority to pay withheld taxes, is potentially liable for 100% of the taxes owed if the church fails to withhold or pay them.
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  • Some tax benefits were adjusted for inflation in 2012, but many remained unchanged due to the low inflation rate.
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  • The standard mileage rate for 2013 is 56.5 cents. The charitable mileage rate remains at 14 cents.
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  • Donors must substantiate cash gifts of $250 or more "by a contemporaneous written acknowledgement of the contribution by the donee organization."
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Find complete explanations of all 39 tax developments in the January/February issue of Church Law & Tax Report. Churches can stay current on changing tax developments throughout the year by subscribing to Church Law & Tax Report.

Christianity Today is a nonprofit, global media ministry that serves the church through digital and print publications, as well as practical and accessible web resources that together reach more than 2.5 million people every month.

Source: http://www.christiannewswire.com/news/9496171121.html

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