Clergy present tax circumstances and challenges even for the seasoned tax professional. Special tax rules apply to clergy because of items such including parsonage allowances¸ employee status¸ and retirement income. This webinar is designed to discuss¸ review and demonstrate the various circumstances clergy may find themselves in as taxpayers.Objectives Upon completion of this webinar¸ you will be able to:
Explain the affect employee classification has on clergy.Determine the potential tax impact of housing allowances. Analyze the ramifications of electing out of social security of the timing rules. Identify various sources of income clergy members may receive.Distinguish between a gift and a taxable honorarium.Allocate expenses among the various sources of clergy income.Properly report the various types of retirement income clergy receive.
Find out more : National Association of Tax Professionals