A recent online article warned churches of a potential 21% tax on certain employee fringe benefits and a requirement for churches to file income tax returns in the future. The Legal Department of the General Council on Finance and Administration has offered this guidance related to the article:
Please refer to a resource on this topic we placed on the GCFA web site in May. It is our understanding that it will not likely be until the Fall before we hear from the IRS on guidance on this topic. For many of the reasons cited in the Politico article and other issues, we suggest the only thing to do at this time is to await that guidance.
The legal departments at Wespath and GCFA are closely monitoring any potential impacts on local churches and clergy. When we receive guidance from the legal departments, we will forward that guidance to you.