Description:

The tax code has unique provisions related to clergy and how they report income, expenses, and credits. This ce-book covers the basics of properly preparing clergy and minister returns. You’ll also learn about compensation, fringe benefits, accountable plans and payroll taxes from the perspective of the clergy person or church as an employer.

Table of Contents.

Clergy Taxation covers:

• Who qualifies for special tax treatment as clergy.
• Applying the dual employment status nature of clergy.
• Identify clergy compensation, including fringe benefits and love gifts.
• Recognizing valid expenses for clergy.
• Computing the nondeductible portion of business expenses based on tax-free income.
• Requirements for the clergy housing allowance exclusion.
• Distinguishing the unique treatment of employment taxes by churches.
• Identifying what income is subject to self-employment tax.
• Differentiating between the use of Form 4361, Application for Exemption From Self-Employment Tax for Use By Ministers, Members of Religious Orders and Christian Science Practitioners, and Form 4029, Application for Exemption From Social Security and Medicare Taxes and Waiver of Benefits.
• Identifying earned income for the purposes of the earned income tax credit and the refundable additional child tax credit.

Product Details:

Level: Basic level

Author: NATP Staff

Publisher: NATP

Publication Date: 2020

Format: Electronic - 130 Pages

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Corresponding CPE Courses:

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Clergy Taxation Self-Study Course

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