Thursday, November 29, 2012

Housing Allowance

The housing allowance is the single most IMPORTANT TAX BENEFIT available to ministers.  Do you understand the limits and FOLLOW ALL THE RULES to ensure the housing allowance is calculated correctly?  Do you know what RECORDS MUST BE KEPT to substantiate the cost of everything excluded from income as housing expenses?  Are you certain the allowance is PROPERLY DESIGNATED AND APPROVED by the “governing board” of the church?  If you have questions about the minister’s housing allowance provided in Section 107 of the Internal Revenue Code, do your research and enact legal policies new.

If we can assist you or consult with you, contact Synergy Ministries.  We are always looking out for you.

Senate Report on Religious Organizations Accountability

First Commission Report to be Issued December 4

The first report of the Commission on Accountability and Policy for Religious Organizations is scheduled for release to Senator Charles Grassley, member of the Senate Finance Committee, on December 4, 2012.

The initial report, culminating from the work of 80 nationally-recognized professionals, will cover all of the issues under consideration (housing allowance, love offerings, compensation of nonprofit leaders, church reporting to the IRS, and more!) except the political activity issue. This topic will be covered in a separate Commission report in 2013.

ECFA members will receive a complimentary hard copy of the report, and it will be available in an electronic version on ECFA's website.

2013 Standard Mileage Rates

2013 Standard Mileage Rates Up 1 Cent per Mile for Business, Medical and Moving

The Internal Revenue Service today issued the 2013 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.