myCPE
myCPE

Clergy Tax Planning 1 Credit

Nov 28, 2024, 11:00 AM ET

Clergy Tax Planning 1 Credit

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Nov 28, 2024, 11:00 AM ET

Learning Objective

  • To explain the tax advantages of the housing allowance exclusion for effective clergy compensation planning.
  • To identify a variety of tax-advantaged opportunities available to ministers, ensuring comprehensive financial strategies.
  • To discuss the common practices like "love gifts" and their potential tax implications for clergy members.
  • To explore the tax benefits available to retired ministers, enabling effective retirement planning.

Course Overview

Are you aware of the significant tax advantages that clergy members can harness through effective tax planning? Our CPE course offers invaluable insights into the world of tax-advantaged opportunities for ministers. As a tax professional, understanding the intricacies of clergy taxation is crucial to helping your clients optimize their financial and tax situation.

In this CE Tax Webinar, we delve into the tax benefits associated with the housing allowance exclusion for clergy compensation planning. You will gain a comprehensive understanding of how clergy members can legally reduce their tax obligations, both in the present and during retirement. 

Moreover, we explore a range of tax-advantaged opportunities available to ministers. This knowledge empowers you to guide your clients in making informed decisions that will optimize their financial well-being. Additionally, you'll discover common practices, such as "love gifts," that can have potential tax implications for clergy members. It is essential to recognize the tax consequences of these practices to ensure your clients remain compliant with the IRS regulations. For those clergy members planning for retirement, we also cover the tax benefits available to retired ministers. 

Major Topics Covered: 

  • Dual Taxation
  • The Housing Allowance Benefit
  • Ministerial Earnings
  • Business Expenses
  • Retirement Income
  • Paying Tax on Ministerial Earnings

Join our "Clergy Tax Planning" course and become proficient in navigating the unique tax landscape that ministers face, ultimately offering them financial strategies that can lead to significant tax savings. Elevate your expertise and enhance your service to clergy clients with this informative course.

Looking to fulfill your Enrolled Agent (EA) Continuing Education (CE) requirements? MY-CPE online Enrolled Agent CE courses are the best for you. Earn EA CE Credits while enhancing your domain knowledge and expertise in diverse tax regulations and practices. Our courses are designed to provide you with the latest updates and deep insights to keep you ahead in your field. With flexible scheduling and a user-friendly platform, MY-CPE offers you a greater convenient and interactive learning experience. Join MY-CPE today and take the next step in advancing your career as an Enrolled Agent. 

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Additional Information

Credit

1

Course Level

Basic

Instructional Method

QAS Self Study
Group Internet Based

Pre-requisites

None

Advance Preparation

None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering aintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.

About Instructor

William Davidson
William Davidson

, William Davidson

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Bill Davidson (EA, MDiv, ThM) has worked with ministers’ tax returns and planning for over 35 years.  He is keenly aware how the unique (and contradictory) regulations regarding the taxation of clergy compensation has frequently led to misinformation and inaccuracy.  As Manager with a prominent tax firm he was the “go to” authority for tax professionals who had questions about clergy tax matters.  As an ordained minister himself, he has keen insight into the needs of clergy clients.  

His career as Senior Pastor of churches and Tax Manager specializing in tax preparation and planning for ministers has uniquely prepared him to assist tax professionals in serving their clergy clients.  He also volunteers with the local IRS VITA (Volunteer Income Tax Assistance) program for the underserved sponsored through the United Way.

His courses are more than a “talking head,” charts, and words on a screen.  He brings a creative and refreshing approach to this distinctive area of tax knowledge that provides ample practical examples applying the material presented.

On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Reviews and Ratings

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RP

Reba Porter, Accountant/Bookkeeper/Tax Professionals

This was an excellent webinar on a subject that provides several options for filing clergy tax returns. Being clergy himself gives him an edge other preparers must research in length in order to make client completely aware of options and which is most advantageous for them. Presenter was easy to understand and very knowledgeable.

WM

Wendy Maestas, EA

Very good webinar. Clergy tax returns are very complicated, and this presenter really broke down all aspects of clergy income and how to decrease taxable income.

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