Designating 2018 Housing Allowance
A housing allowance is a portion of clergy income that may be excluded from income for federal income tax purposes (W-2 “Box 1” wages) under Section 107 of the Internal Revenue Code. To be eligible, the pastor/clergy must be a “minister of the gospel” and be ordained, licensed, or commissioned by a church, convention or…
Year End Check Up – Estimated Payments
Although you know what your 2016 tax bill came to, you probably don’t quite know what your 2017 tax will be. While it can’t be predicted with absolute certainty, you may want to review your financial picture thus far, as well as on events you anticipate will occur and transactions you anticipate finalizing in the balance of…
IRA to Charity Contributions
For some time this unique method of making charitable contributions was a temporary provision of the tax law, but Congress made it permanent in 2016. This charitable contribution provision is limited to taxpayers age 70.5 and older. They can directly transfer up to $100,000 a year from their IRA to a qualified charity. So if…
Should we ban romantic relationships in the church?
Depending on the nature of the relationship, how you handle workplace romances is mostly up to your organization’s preference or policy. If the employees do not report to one another and are engaged in a mutually consenting relationship, no action may be needed. Some organizations prefer to ban office dating, but I find this difficult…
Office Holiday Closings
Our office will be closed on November 23 and 24, 2017 to observe the Thanksgiving holiday. We will reopen on Monday, November 27, at 8:30 a.m.
Happy Thanksgiving!
A Heartfelt Thank You During this special time of year, we want to extend our sincere appreciation to you, for entrusting Clergy Financial Resources with your tax, payroll & HR needs. As another year-end season begins, we look forward to strengthening our relationship and connecting you with solutions that help you succeed. …
Church Expense Reimbursement Policy
This policy establishes the reimbursement procedures for travel, entertainment, and other ministry expenses (“business expenses”) incurred during the conduct of Church business. It is Church policy to reimburse employees for ordinary, necessary, and reasonable expenses when directly related to the ministry of the church. Directly related means: There is the expectation of deriving some current or future benefit…
Do I include clergy housing for the Marketplace?
The Affordable Care Act (also called ACA, federal health care reform or sometimes “Obamacare”) expands health coverage to millions of previously uninsured Americans and makes significant changes to health insurance practices nationwide. The Health Insurance Marketplace is an online resource for comparing different plans and benefits in order to choose a health insurance plan that’s…
Create and Maintain an Employee Handbook
As your church grows, the way you conduct your church business may change and therefore the procedures of your employees may change as well. Employee handbooks are always a working document with natural change due to federal and state laws. Your employee handbook should be reviewed and updated no less than annually to avoid your…
Do you need an official designation for Housing allowance?
2018 Housing Allowance Form The allowance must be officially designated in advance by the church. The designation should be stated in writing, preferably by resolution of the governing body and/or in an employment contract. In addition, the designation should be recorded in the church budget and payroll records. If the only reference to the housing allowance is…
