Delano Sherley – Tax Law Changes

Tax Law Changes Here are changes to the tax code that were part of the CARES Act: If you were impacted by Covid-19 you can make an early withdrawal from a retirement account up to $100,000 without paying the 10% penalty. You do, however, have to pay the income tax (now over a

Delano Sherley – Health Insurance Update

Starting January 1, 2020 employers can offer a new HRA called the Individual Coverage HRA, or ICHRA. This allows you to reimburse (tax-free) employees’ health care premiums and other medical expenses, up to a dollar limit you choose. You can also offer a regular group health plan to certain employees

Aubrey Jayroe – Classified as Contractors?

We have individuals who work for the church, such as the janitor, lawn maintenance worker, and part-time music director. Can these individuals be classified as contractors and not as employees? This is a very common question but one that demands our careful attention. The law is very clear as to who

Aubrey Jayroe – Laws Affecting Church Administration

I understand there are several changes in the law that affect the minister or church administration. Can you provide some information on these changes?   Yes, we are going to see several changes that affect the reporting immediately. First, all W-2 forms and Form 1099 for 2016 must be completed and filed

Aubrey Jayroe – Rules Governing Overtime and Minimum Wage

Do church employees qualify for the new rules governing overtime and minimum wages? In most cases, yes. In order to fully answer the question, there are rules we have to review to determine who qualifies. These rules are very complex and can be confusing unless understood completely. The courts have created

Aubrey Jayroe – Benefits of a Roth IRA

I am interested in purchasing a ROTH IRA. What are the benefits for having this type of retirement plan? A ROTH IRA is a good plan of investment for retirement for some people. First of all, not everyone can contribute to a ROTH because of the IRS imposed income limits. Your

Aubrey Jayroe – Tax Liability for Evangelists

I have been a traveling evangelist for many years. Are there things that I should be doing that will help me reduce my tax liability? Yes. First of all, you should establish a housing allowance. The Code says that the organization in which you are a part of should set up

Establishing Compensation Packages – Aubrey Jayroe

I’m a new pastor. How do I go about establishing my compensation package in order to take advantage of all the tax breaks for ministers? First of all, you have to know what the church’s bylaws state concerning the compensation of the minister. Some bylaws instruct the Board of Directors to

Least Possible Tax Liability

It is time to do my taxes as a minister. What do I need to do to ensure I utilize my efforts with my tax preparer so as to have the least possible tax liability? First, you need to consult with your tax preparer ahead of time to be certain you