Historic Tax Reform Bill Passes Congress

Update 12/22/17: The “Tax Cuts and Jobs Act” has passed in both houses of Congress and was signed this morning by President Donald Trump.

After years in the making, the tax reform bill led by conservatives will bring many changes for taxpayers and the American economy starting as early as January 1, 2018.

Tax reform leaves the charitable contribution deduction as an itemized deduction, but there is no “universal” or “above-the-line deduction,” which would have provided a tax deduction to all taxpayers who make charitable deductions.

The doubling of the standard deduction and limiting of other itemized deductions means that more than 30 million taxpayers will no longer be able to deduct their charitable gifts. Tax reform should usher in an even stronger economy, providing donors to churches and other Christ-centered ministries with additional resources to support worthy causes.

ECFA is offering a webinar on January 11 – How Tax Reform May Impact Churches and Ministries – to keep you informed of all the latest developments and their specific impact on churches and ministries.

The webinar is FREE, but space is limited. Click here to reserve your spot today.

 

 

 


This text is provided with the understanding that ECFA is not rendering legal, accounting, or other professional advice or service. Professional advice on specific issues should be sought from an accountant, lawyer, or other professional.

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