Have you failed to issue the 1099 Form? Under new law, who do you give 1099 Forms to? Has the limit been changed? Have you neglected to issue the Pastor/Minister a W-2 Form? What is the new IRS status on Ministers? How do you handle ministry related expenses? Is it illegal to give the Pastor [...]
In January 2002, Congress finalized Code Section 4958, this is the first of possibly several forthcoming legislative proposals to limit the tax-exempt status of certain organizations. The enactment of these “intermediate tax sanctions” will require much greater attention to tax planning by churches in their business affairs. Ministers’ tax deferred retirement plans may face an [...]
