Are Voluntary Donations to Ministers Gifts or Taxable Income?
November 2, 2018 9:26 am 2 CommentsChurches should be aware of a recent Tax Court ruling on voluntary donations to ministers.
Ted serves as partner, tax counsel, and Professional Practice Leader – Tax. As a certified public accountant and tax counsel, Ted advises exempt organizations of all sizes on a wide range of issues. This includes consulting on tax and employee benefit related matters, representation before state and federal tax authorities, and assistance with firm audit or advisory engagements to formulate advice and counsel on important operating and tax issues. Ted also leads the firm’s tax preparation practice, including IRS Forms 990 and 990-T and related state forms.
Churches should be aware of a recent Tax Court ruling on voluntary donations to ministers.
The new tax on qualified transportation fringe benefits, including parking, has resulted in much confusion. Here's what we know, what we don't, and some examples.
Are the musicians your church pays to perform for worship services and other church events employees, or independent contractors? An incorrect classification can result in significant negative financial consequences for both the church and the musician.
While planned gifts can be complex, taking the time to understand the different techniques and how they might enhance your nonprofit’s fundraising can pay off. Even small organizations can benefit from simpler options, and larger organizations may not be aware of all the techniques available.
The IRS has directed employee plan examiners to not challenge 403(b) plans for failing to satisfy the required minimum distribution standards if the plan cannot locate the participant and has taken certain steps.
Previously, employers could for or reimburse moving expenses for new or relocating employees on a tax-free basis. However, under the new tax bill these payments are now taxable to the employee.
A gift of property can be very generous. If your nonprofit is offered a property contribution, you might be tempted to jump at the opportunity. But it's crucial to carefully consider gifts of real property (real estate) to avoid any unpleasant surprises and negative consequences.
Because 529 accounts are defined in the Internal Revenue Code, it is not automatic or required that the states recognize changes made at the federal level.
Under the new tax law, amounts in a Section 529 College Savings Account may be used to pay up to $10,000 of the cost of primary and secondary private school tuition and related fees, books, supplies, and equipment.
The IRS recently announced an extension for the due dates for furnishing Forms 1095-B, Health Coverage, and 1095-C, Employer-Provided Health Insurance Offer and Coverage, to individuals.