1 Preparing Minister’s Taxes All audio is streamed through your computer speakers. There will be several attendance verification questions during the LIVE.

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1 Preparing Minister’s Taxes All audio is streamed through your computer speakers. There will be several attendance verification questions during the LIVE webinar that must be answered via the online quiz at the conclusion to qualify for CPE. Today’s webinar will begin at 2:00pm EDT Please note: You will not hear any sound until the webinar begins.

Preparing Minister’s Taxes Presented by: Kay K. Mortimer, EA Author of “Preparing Tax Returns for Ministers”

3 Learning Objectives Upon completion of this course, you will be able to: Determine who qualifies as a minister| Recognize the dual status of a minister Identify the proper treatment of ministerial vs. non-ministerial employees by a church, and how to prepare their W2s Apply the proper treatment of a minister's housing allowance on the minister's 1040 Advise your clergy clients concerning social security opt-out option Calculate the proper self-employment tax for the minister Advise your minister concerning his options of payment of his taxes and estimated taxes

A Minister is… IRS definition: “Licensed, commissioned, or ordained.” Performs sacraments of worship

Dual-Status Dual-status Federal/State Voluntary w/h? SS/MC Sch. SE

Employee or Self-Employed W2 or 1099? Facts & Circumstances & Interpretations Extenuating Circumstances General IRS position

Ministers vs. Non-ministers & W2 Church Payroll Ministers vs. Non-ministers SS/MC issue Voluntary withholding? Ministers – special Housing Car Allowance/Reimbursements SS/MC

Payroll Reporting 941 Line by line Depositing? Checkbox? Paying Minister’s SS/MC?

W2 Non-ministers Ministers Box 1 Box 14 Box 2 or 12? Checkboxes

Housing Allowance Who qualifies? Determining amount? Board approval/acceptance Pro-active not retro-active

Paying Housing Designating Pay Frequency Separate check? Separate designation

Reporting Housing - Payroll 941? SC 940/SUTA W2 or statement (recommend W2-Box 14)

Minister’s Form 1040 Common with non-ministers Opt-Out: Form 4361? Pros & Cons Limited to ministerial only

1040 Considerations Specifics for ministers W2 – Line Mileage/etc. Sch C Deprec or OIH?

Other 1040 Considerations Excess Housing How to calculate Wages, Housing, Excess Deductions allowed (2106) Other earnings Clothing/Laundry?

Sch SE – line explanations Ministers – use page 2 Form 4361? If not, complete lines and calculate SE

Sch SE Page 2

Paying Taxes Voluntary withholding Fed w/h Estimated Taxes Calculate to cover all applicable

Retired Ministers Form 1040 Considerations 1099R Housing Allowances

Fringe Benefits – Basic Intro Car Allowances Health Insurance Retirement Plans

Accountable Plan Accountable Plan recommended Reimbursements Ministers, non-ministers, & volunteers Non-taxable reimbs.

Resources - Recommended “Preparing Tax Returns for Ministers” – Kay’s book Dr. Richard Hammar’s “Church & Clergy Tax Guide” – updated annually

Recommended

Other Resources Learn more about Dr. Richard Hammar: we-are/advisors/richard-r-hammar.html we-are/advisors/richard-r-hammar.html

Specific Resources: Form 4361 & instructions Form SE – p. 2 and instructions Housing Allowance Determination Samples Circular E Form 941 & instructions Church law and tax report

Questions? 26

Thank you for participating in this webinar. Below is the link to the online survey and CPE quiz: Use your password for this webinar that is in your confirmation. You must complete this survey and the quiz or final exam (for the recorded version) to qualify to receive CPE credit. National Society of Accountants 1010 North Fairfax Street Alexandria, VA Phone: (800)