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IRS Delays Start of Filing Season For Some Taxpayers

December 27, 2010

Clergy who claim deductions for home-mortgage interest, gifts to charity and state and local taxes will have to wait until middle to late February to file their 2010 returns. The Internal Revenue Service attributed the late start of the filing season to changes in tax law for 2010 that were finished last week. The agency needs extra time to put processing systems in place. The delay also applies to filers preparing to take advantage of a deduction for college tuition and fees of up to $4,000, and a separate $250 deduction for teachers’ out-of- pocket classroom expenses.

The late start to the filing season will affect an estimated one-third of clergy who itemize their deductions rather than claim the standard deduction. The changes don’t affect the April 15 deadline for filing tax returns.

Source:
Clergy Financial Resources
http://www.clergytaxnet.com

Clergy Financial Resources is a national accounting and finance organization serving churches and clergy since 1980. They have an unparalleled tax expertise on the complex issues associated with clergy tax law, clergy taxes, clergy compensation and church payroll. Clergy Financial Resources is a valuable resource for clergy, churches and denominations.

To learn more about our services, please visit the links below:

Tax Preparation
http://www.clergytaxnet.com/taxprep.htm

Mortgage Financing
http://www.clergytaxnet.com/clergy_financial_mortgage.htm

Church Payroll
http://www.clergytaxnet.com/payroll/churchpayroll.html

Clergy/Church Tax Law Products
http://www.clergytaxnet.com/online_store.htm

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From → Clergy Tax Law

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