Category Archives: 01 – January 2014

More W-2 and Tax Tips

Posted on January 15, 2015 by benefitsboard

More W-2 Tips A W-2 form must be issued to any employee (including ministers) who received compensation from the local church during the previous tax year. In completing the forms, here are a few tips to remember:  The W-2 forms … Continue reading →

Posted in 01 - January 2014, Form W-2, Informational Manuals, Internal Revenue Service, Tax Information | Leave a comment

Charitable Gifts under $250 to Churches

Posted on February 13, 2014 by benefitsboard

Most church treasurers and donors are familiar with the current law concerning substantiation of gifts given to churches. If a donor gives any one gift that is in excess of $250, the church must provide a receipt to the donor … Continue reading →

Posted in 01 - January 2014, Charitable Gifts | Leave a comment

Charitable Acknowledgements

Posted on February 13, 2014 by benefitsboard

As a pastor, clerk, or church treasurer, you should make sure that any person who contributed more than $250 to your church within the year in a single gift gets a letter of acknowledgement from your church at least by … Continue reading →

Posted in 01 - January 2014, Charitable Gifts | Leave a comment

Tax Reporting and the Housing Allowance

Posted on February 13, 2014 by benefitsboard

Although the IRS instructions for Form W-2 do not require that the “fair rental value” of the parsonage be reported on the W-2, the Board joins the IRS (Instructions to Form W-2) in recommending that Box 14 be used to … Continue reading →

Posted in 01 - January 2014, Form W-2, Ministerial Housing Allowance | Leave a comment

Tax Withholdings for Ministerial Staff

Posted on February 13, 2014 by benefitsboard

Much has been written about the “dual” tax status of ministers. In very simplistic terms, ministers are viewed by the IRS as an “employee” for federal income tax purpose but as “self-employed” for Social Security purposes. This dual status creates … Continue reading →

Posted in 01 - January 2014, Form W-2, Ministers, Tax Information | Leave a comment

Additional Tax Tips

Posted on February 13, 2014 by benefitsboard

During the holiday season in years past, each taxpayer use to receive another package in the mail from their favorite uncle. Yes, “Uncle Sam” would send a package immediately after Christmas that contains tax forms for filing your income taxes. … Continue reading →

Posted in 01 - January 2014, Form 1099, Form W-2, Tax Information | Leave a comment

Online Filing of Forms W-2 and W-3

Posted on February 13, 2014 by benefitsboard

Churches and other church-related employers, along with other businesses, may file Forms W-2 and W-3 electronically by visiting the Social Security Administrations’ website at http://www.socialsecurity.gov/employer/. On the website, you will need to select “Business Services Online (BSO)” and register as … Continue reading →

Posted in 01 - January 2014, Form W-2, Internal Revenue Service, Tax Information | Leave a comment

Tax Treatment of Retirement Plan Contributions

Posted on February 13, 2014 by benefitsboard

As for retirement contributions, whether such are reported or not on the participant’s Form W-2 depends on whether the contribution was made by the church or by the pastor/staff person through salary reduction. In the Treasurer’s Manual, we answer this … Continue reading →

Posted in 01 - January 2014, Form W-2, Retirement Contributions, Tax Information | Leave a comment

More Tax Tips – What is NOT reportable income?

Posted on February 13, 2014 by benefitsboard

While no one should ever hide income, there are several items that can legitimately be excluded from taxable income for ministers. One of the major items excludable from taxable income is contributions to the Ministers’ Retirement Plan. Contributions made by … Continue reading →

Posted in 01 - January 2014, Retirement Contributions, Tax Information | Leave a comment

More W-2 Tips

Posted on February 13, 2014 by benefitsboard

A W-2 form must be issued to any employee (including ministers) who received compensation from the local church during the previous tax year. In completing the forms, here are a few tips to remember: The W-2 forms must be completed … Continue reading →

Posted in 01 - January 2014, Form W-2 | Leave a comment