Clergy Tag

The housing allowance is the most important tax benefit available to ministers. But many ministers do not take full advantage of it because they (or their tax adviser or church board) are not familiar with the rules. What can church leaders do to help? Consider the...

With the current quarantine situation in many states, many more people are working from home. While most non-clergy employees can no longer deduct unreimbursed employee expenses on Schedule A, Clergy still have the ability to deduct these expenses on Schedule SE, their self-employment tax schedule. If...

Businesses and Non-Profit Organizations that together with their affiliates accepted Paycheck Protection Program (PPP) funds of less than $2 million will be assumed to have performed the required certification concerning the necessity of their loan requests in good faith, according to guidance posted by the...

After weeks of uncertainty surrounding the Minister's Housing Allowance for Paycheck Protection Program loans, the U.S. Small Business Administration (SBA) states in a Frequently Asked Questions report that it has approved the inclusion of the minister’s housing allowance in payroll costs for purposes of applying...

As a service to our Church clients, we are posting this article which has been copied from the Evangelical Council on Financial Accountability (ECFA) April 8th email notice sent to its Members. Please feel free to reach out to the ECFA with further questions and...

If you’re a minister, you must pre-pay a substantial portion of the taxes you’ll owe for that year in estimated quarterly payments to avoid penalties. Tip # 1: Make your payment on time   The US has a pay-as-you-go tax system, meaning the IRS expects you to make...

Reason 1: Income Tax Deduction   Contributions to your 403(b) account are tax deductible for federal income and social security taxes. Putting money into the 403(b) reduces your taxable income for that year. For example, if you put $5,000 into your 403(b) account and your federal income...

One controversial provision of the Tax Cuts and Jobs Act of 2017, you may recall, required nonprofit organizations, including churches, to calculate unrelated business income tax on qualified transportation fringe benefits provided to employees. Among the benefits included were employer-provided parking and mass transit passes, as...