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*** 36th Annual Edition ***
The Tax Cuts and Jobs Act (TCJA) of 2017, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Families First Coronavirus Response Act (FFCRA), the Consolidated Appropriations Act 2021 (CAA 2021), the American Rescue Plan, the SECURE Act, the Infrastructure Investment and Jobs Act, and the Inflation Reduction Act all make up what goes into tax laws affecting the 2022 Federal Income Tax Return.

Many of the 2022 tax forms have been modified by the IRS.

A comprehensive guide to assist priests in preparing their Federal Income Taxes in the easiest, most accurate and cost effective way. Order now!  [Click on the book cover to the right or scroll down and click on the ‘order’ buttons below.]

It’s at the printer now and ships January 23rd.

The Tax Cuts and Jobs Act was the most significant tax reform legislation in over 30 years! In addition, there have been hundreds of regulation and rule changes enacted by the IRS since the passage of the new tax law, and all of them factor into the current year forms.

There are many changes, including but not limited to:

• Several of the 2022 forms have been redesigned or modified to capture tax law changes.
• Standard Deductions have been increased
• The ‘above the line’charitable deduction of up to $300 for those who do not Itemize, has been eliminated.
• Itemizers can deduct up to 60% of earnings
• New tax brackets have been updated for inflation with many other updated figures.

Continuing:

• Option for State Sales Tax deduction
• Reimbursed employee expenses have been eliminated as deductions through 2025
• The Qualified Business Income Deduction (Pass Through) requires Form 8995.
• Deduction for clergy teacher expenses
• Higher limits for retirement savings credit
• Tax free distributions directly from IRA’s to charities
• Special tax treatment for housing and food (with conditions)
• More changes and features included in this year’s edition.

Highlights of contents

• Recent changes to tax laws applicable to priests
• The unique tax reporting requirements for priests based on their dual status of:
  • Self-employed for Social Security tax purposes, and
  • Taxed as employees for Federal income tax purposes
  • Tax deductions common to priests
  • Salary and allowances common to priests and the tax consequences of each
  • Retirement savings options and the tax benefits of each
  • Administrative procedures assisting the parish bookkeeper in reporting requirements
  • Time and tax-saving techniques
  • Current year sample tax returns.