Last-Minute IRS Changes to Affect All Churches

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. the rest