“How to Claim Housing During Interim Ministry?” Clergy Financial Resources has guidance here.
Category: taxes
Free webinar Nov. 8 @ noon E.S.T.: “Key Year-End Financial and Tax Tasks for Church Leaders”
Free webinar Nov. 8 @ noon E.S.T.: “Key Year-End Financial and Tax Tasks for Church Leaders” hosted by ChurchLaw&Tax. Sign up here. Here’s the list of topics: Continue reading “Free webinar Nov. 8 @ noon E.S.T.: “Key Year-End Financial and Tax Tasks for Church Leaders””
“Help is on the Way – How Not for Profits Can Aid Disaster Relief Efforts While Maintaining Exempt Status Within Applicable IRS Requirements”
“Help is on the Way – How Not for Profits Can Aid Disaster Relief Efforts While Maintaining Exempt Status Within Applicable IRS Requirements” The Wagenmaker & Oberly blog has this post here.
“IRS won’t accept returns next year without health coverage”
“IRS won’t accept returns next year without health coverage.” Accounting Today reports here.
“New City church accused of claiming false tax exemption”
“New City church accused of claiming false tax exemption” The Journal News of New York’s Lower Hudson Valley reports here on charges that CSI Congregation of Hudson Valley Inc. continued to use a religious exemption from property taxes after the minister moved out and tenants began paying rent.
1742 Housing allowance decision
[podcast src=”https://html5-player.libsyn.com/embed/episode/id/5853761/height/90/width/450/theme/custom/autonext/no/thumbnail/yes/autoplay/no/preload/no/no_addthis/no/direction/forward/render-playlist/no/custom-color/c30000/” height=”90″ width=”450″ placement=”top”]The federal district court for the Western District of Wisconsin recently held that the Tax Code’s housing allowance violates the First Amendment’s Establishment Clause. The decision in Gaylor v. Mnuchin, (W.D. Wis., Oct. 6, 2017), deals with 26 U.S.C. § 107(2). It does not affect the exemption from taxed income based on the value of a church-owned home, traditionally referred to as a parsonage, which is found in 26 U.S.C. § 107(1). Josh explains how the housing-allowance exemption works, why the court concluded it is unconstitutional, and what ministers and religious organizations should look for as the case progresses.
1741 What to do with assets when a worshiping community closes
[podcast src=”https://html5-player.libsyn.com/embed/episode/id/5826736/height/90/width/450/theme/custom/autonext/no/thumbnail/yes/autoplay/no/preload/no/no_addthis/no/direction/forward/render-playlist/no/custom-color/c30000/” height=”90″ width=”450″ placement=”top”]If history is any indication, every worshiping community’s life ends sometime. If that happens under the U.S. Tax Code, there are limits on how assets must be distributed. Musical instruments, books, and furnishings can’t just be given to the donors who funded them. Fair prices must be received. And any assets left at the end of the legal entity’s existence must be transferred to another charitable entity, like another house of worship, a denominational entity, relief agencies, or social service providers.
“Court Says Tax Code’s Parsonage Allowance Is Unconstitutional”
“Court Says Tax Code’s Parsonage Allowance Is Unconstitutional” Religion Clause reports here on Gaylor v. Mnuchin, (W.D. Wis., Oct. 6, 2017). Freedom From Religion Foundation has a press release here. Here’s an excerpt from the court’s decision: Continue reading ““Court Says Tax Code’s Parsonage Allowance Is Unconstitutional””
“Tax Plan Doubles Standard Deduction, Leaves Charitable Deduction In Place”
“Tax Plan Doubles Standard Deduction, Leaves Charitable Deduction In Place” The NonProfit Times has an overview of President Trump’s tax plan here.
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“Property tax exemption for downtown Madison’s St. Raphael’s in Wisconsin budget draws fire”
“Property tax exemption for downtown Madison’s St. Raphael’s in Wisconsin budget draws fire” The Capital Times of Madison, Wisconsin reports here on a controversy over the property-tax exemption on land on which a Roman Catholic cathedral once stood until it was destroyed by arson. ChurchLaw&Tax includes a summary in its weekly news summary here.