Two Notes on Tax Changes from North GA Conference Treasurer
North Georgia Conference Treasurer Keith Cox shares one note of consideration and one information piece concerning tax law changes and the church.
- The tax law changes that are now in effect may have resulted in some members “pre-paying” 2018 pledges in December 2017. Please remember that these “prepaid” offerings may favorably skew your church’s reported cash position. Please be mindful of this potential situation as you manage your finances early this year.
- The Society of Human Resource Management published the following information last week: The new law "suspends both the tax exclusion and the deduction related to moving expenses for taxable years 2018 until 2025. Value of the benefit will be included as taxable income and the deduction will be eliminated for individual taxpayers, except for members of the Armed Forces.”