- Jun 14, 2021
In tandem with other milestones in recent years, President Jean-Baptiste de Franssu, the French economist and banker who’s led the IOR since 2014, believes June 2021 marks an historic turning point.
The United States added Vatican City State to its list of countries that conform to international standards regarding the verification of the identity of persons conducting financial transactions through its institutions, including the so-called Vatican bank.
Congress has repealed a so-called “parking lot tax” that was part of the 2017 tax cut measure and would have required houses of worship and other nonprofits to pay a 21 percent tax on employee benefits such as parking spaces and transit subsidies.
Student volunteers help low-income people file their tax returns saving them money.
Leaders of a diverse group of faiths, including the Catholic Church, and the heads of religious nonprofit organizations are urging Congress to repeal a change in the Internal Revenue Code that would tax houses of worship and other nonprofits for parking and transit benefits they provide to their employees.
The Internal Revenue Service is proposing a rule change that would impact about 30 percent of the student population in the Catholic schools of the Archdiocese of Dubuque.
A priest in California will spend three years in jail after being convicted of embezzling over $1 million. Prosecutors said he deposited 14 checks from parishioners into his personal account while he was pastor, although his lawyer argues he was not depositing the money for personal benefit.
After promising to “utterly destroy” the Johnson Amendment, which prohibits churches and tax-exempt groups from endorsing political candidates, President Trump is planning to sign an executive order asking the IRS to use “maximum enforcement discretion” over the regulation. Though some consider this a first step for religious freedom, others believe it to be “very weak tea.”