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Description:

The tax code has unique provisions related to clergy and how they report income, expenses and credits. This textbook 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.

View Table of Contents.

Topics include:

• Who qualifies for special tax treatment as clergy
• Analyzing the dual-status nature of clergy
• Identifying clergy compensation, including fringe benefits and love gifts
• Categorizing valid expenses for clergy
• Calculating the nondeductible portion of business expenses based on tax-free income
• The requirements for the clergy housing allowance
• Identifying the unique treatment of employment taxes by churches
• Identifying what income is subject to self-employment tax
• Differentiating between 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 credit and refundable child tax credit

Product Details:

Level: Basic

Authors: NATP Staff

Published: 2021

Format: Print - 140 Pages

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