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Last-Minute IRS Changes to Affect All Churches
Richard Hammar Reviews New Laws for 2010 Tax Returns
Contact: Sandra Hoekstra-Lower, 630-260-6200 ext. 4224, shoekstralower@christianitytoday.com
CAROL STREAM, Ill., Jan. 31, 2011 /Christian Newswire/ -- The 2011 Church & Clergy Tax Guide by nonprofit tax expert, Richard Hammar, J.D., LL.M., CPA, releases today. Included in this annually updated, exhaustive tax guide are all of the last-minute changes that will affect churches throughout the United States. Here are some of the developments Hammar highlights in this book.
A few of the changes you'll want to find out more about are:
Beginning in 2010, the new Healthcare Reform Legislation will grant small employers, including nonprofits, a refundable tax credit as inducement to obtain health insurance for their employees. After 2012, legislation changes will put a limitation on employee health flex spending arrangements.
Congress passed the Creating Small Business Jobs Act of 2010, which, among other things, removes cell phones from the definition of listed property, and imposes penalties of up to $50 per return for not issuing forms W-2 or 1099-MISC on time with the IRS. This legislation also increases the maximum amount a taxpayer may expense under section 179 to $500,000.
In 2010, Congress enacted the Hiring Incentives to Restore Employment (HIRE) Act. The act provides two new tax benefits to employers that hire workers who were previously unemployed or only working part-time. Churches and most other tax-exempt organizations all qualify to claim the payroll tax benefit for eligible newly-hired employees.
For comprehensive details on these and other late-breaking 2010 changes, see the 2011 Church & Clergy Tax Guide, by Richard Hammar.
Christianity Today International is a not-for-profit Christian media ministry founded by Billy Graham in 1956, with nine publications and an award-winning website reaching more than 2.5-million unique visitors monthly.
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