While the Tax Cuts and Jobs Act (TCJA) did provide savings, there is one major change that is going to hit many Clergy’s tax return and wallet hard this year. This is especially true when we consider that Clergy never really stay in one place. For many years, Clergy have relied on either writing off moving expenses from their tax return, or being reimbursed by their church for moving expenses without tax consequence. However, TCJA has changed all of that. Moving Expense Deduction In previous years, if a Clergy person wasn’t reimbursed for their move, they could simply write it off on their tax return as an adjustment to income. This option could result in some pretty large savings. So, l
As we wake up just a couple days before Christmas, the Federal Government has been shut down due to a lapse of funding because an agreement was not made. Partisan politics aside, what does this mean for you, the taxpayer? What we know is that part of the IRS will continue to function such as working with software companies to test the upcoming tax year software. It will also include processing electronic returns and tax returns that were mailed in (however mailed returns will be delayed most likely). Of course, criminal investigations will also continue. There are also a great deal of important activities that will cease upon the government shutdown. These activities include: Issuing R
