Should Ministers Opt Out of Social Security? it Depends! 1 Credit
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Nov 27, 2024 | 11:00 AM
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The question often arises among clergy members: "Should I opt out of Social Security?" For many ministers, Social Security doesn't align with their retirement investment goals. They seek alternatives for their hard-earned money. But can they opt out, and should they? These questions require informed answers, and this online course is designed to empower tax professionals with the knowledge and expertise needed to guide their clergy clients.
In this CE/CPE webinar, we delve into the intricacies of opting out of Social Security. Participants will learn about the far-reaching implications of this irrevocable exemption on projected retirement funds, insurance coverage, and Medicare eligibility. We will explore the six fundamental requirements that must be met to qualify for this exemption, equipping tax professionals with the necessary tools to assist their clients in making well-informed decisions regarding their financial future.
This CE Tax Webinar also covers the step-by-step process of preparing IRS Form 4361, the "Application for Exemption From Self-Employment Tax for Use by Ministers, Members of Religious Orders, and Christian Science Practitioners." By gaining expertise in this critical area of clergy taxation, tax professionals will be better equipped to address their clients' concerns and provide comprehensive advice on Social Security opt-out decisions.
Become a trusted advisor to your clergy clients, offering them valuable insights and guidance on their Social Security options. Enroll now to enhance your expertise and provide informed assistance on this essential aspect of tax planning.
Major Topics Covered in this 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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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.
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.
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.
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.
DS
I thought that this webinar was very thorough; however, since this is the first time I have actually studied this topic in any detail, there is a great deal that I would need to repeat and study in depth. I will surely be downloading the handouts for future study and use. I do not consider myself even minimally prepared to complete a minister's tax return. The key to the eligibility for exemption, is that the application must be timely filed and the applicants motives must fall into specific align with the tax code.
GS
I have a dear friend who represents ministers and churches in Florida. She has mentored me over the years. However, Minister Davidson has taught me so much and I am grateful that he is such a good and patient teacher to help me better advise my Pastoral clients.
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