The tax code has unique provisions related to clergy and how they report income, expenses, and credits. This course covers the basics needed to properly prepare clergy returns and also covers aspects from the employer’s perspective pertaining to compensation, fringe benefits, accountable plan, and payroll taxes.
Upon completion of this course, you will be able to:
- Identify who qualifies for special tax treatment as clergy.
- Apply the dual status nature of clergy.
- Identify clergy compensation, including fringe benefits and love gifts.
- Identify valid expenses for clergy.
- Compute the nondeductible portion of business expenses based on tax-free income.
- List the requirements for the housing allowance.
- Distinguish the unique treatment by churches of employment taxes.
- Identify what income is subject to self-employment tax.
- Differentiate 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, or Form 4029, Application for Exemption From Social Security and Medicare Taxes and Waiver of Benefits.
- Identify earned income for purposes of the earned income tax credit and refundable child tax credit.
This course includes an e-book. CPE is issued after exam is successfully completed.