Ministers and the IRS - When an Employee is Also Self-Employed! 1 Credit
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Understanding and navigating the intricate realm of clergy taxation is an essential skill for tax professionals. The IRS applies a distinct set of regulations to clergy income, which can be challenging and sometimes contradictory. To provide accurate tax planning and preparation for clergy clients, tax professionals must be well-versed in these unique regulations. This online course has been expertly crafted to equip tax professionals with the knowledge and expertise needed to serve the specific needs of clergy clients effectively.
In this CE Tax webinar, you will delve into the nuanced world of clergy taxation. You will gain a clear definition of the term "minister" for taxation purposes, ensuring you can accurately identify the individuals covered by these regulations. We will provide a concise summary of U.S. Tax Law related to clergy tax returns, ensuring you have a strong foundation in the legal framework governing this field.
Moreover, you will learn how to determine whether a minister should be classified as an "employee" or "self-employed" for taxation purposes, understanding the implications of each classification. The course will also cover the critical concept of the "housing allowance" as it relates to clergy tax planning and preparation, including its significance and practical application. By the end of it, you will have the insights and knowledge necessary to provide effective tax planning strategies tailored to ministers, making you a trusted advisor in the field of clergy taxation.
Major Topics Covered
Enroll in our CE webinar today to elevate your expertise in clergy taxation and provide valuable guidance to your clergy clients. Stay updated with the latest IRS regulations and excel in this specialized area of taxation.
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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.
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.
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.
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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.
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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.
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.
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.
PJ
Outstanding overview of the requirements to make a correct determination of a minister's income and self-employment tax requirements and the necessary insight to offer tax advice for possible future periods.
MS
Instructor William Davidson was very effective in presenting the course material. The examples were very informative in showing the taxable income and corresponding social security tax.
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