Admin training review: TAX reform 2018
The video provided below will help to summarize and review key aspects of the Tax Cuts and Jobs Act of 2017 and it's possible effects on you personally. The video is meant to only highlight key aspects and we encourage you to consult with your tax specialist to go over this in detail.
While most ministry tax benefits like housing allowance haven't been impacted by the new legislation, miscellaneous itemized deductions are disallowed beginning in 2018 for income tax deductions. Since the could be significant for some ministers, it's important to review how you're handling business/ministry expenses.
If your church is looking to adopt an accountable reimbursement plan, which enables pastors and staff to receive reimbursements without tax consequences, we have provided a video below that will review those best practices and tax considerations:
If you have any questions about the tax reform, the accountable reimbursement plan or pastoral compensation, please contact Allison Hester at the District Office.
SoCAL can provide HUB training and assistance. Please fill out this form and we'll get you connected on the HUB.