CPE Credits: 2
Course Level: Intermediate
Prerequisites: Basic knowledge of individual income taxation
Advance Preparation: None
Fees: $49 for Members and $60 for Nonmembers
Summary
Clergy present tax circumstances and challenges even for the seasoned tax professional. Special tax rules apply to clergy because of items 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.
- 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.
Presenter: Mary Olson, EA