All church institutions are reminded to contact their payroll service provider to inform them that imputed income information may need to be added to their annual W-2 Wage and Tax Statements for 2019.
W-2s should not be processed until the church institution receives a letter from the Office of the Bishop disclosing the amount of imputed income for each employee.These letters are expected to be mailed out from the Office of the Bishop by Dec. 23, 2019.
What is Imputed Income? --
When the value of employer-provided group term life insurance coverage exceeds $50,000, there is imputed income related to this insurance that needs to be determined and reported. Learn more