Why Churches Need to Get 3 Tax Issues Right When Setting Compensation for Pastors
CAROL STREAM, Ill., Jan. 31, 2017 /Christian Newswire
/ -- Compensation planning for ministers presents several unique tax issues that are not well understood by many church leaders and their advisers. To help, Richard Hammar describes three key tax considerations churches should review when structuring compensation plans for pastors.
These tax considerations include:
· Housing and equity allowances
· Accountable Business Expense Reimbursement Policy
Explanations of each one, including why churches need to know about these tax issues, are in the February issue of Church Finance Today
Every year, Richard Hammar helps church leaders understand how tax laws relate to churches and pastors--including setting compensation--in the 2017 Church & Clergy Tax Guide
. This guide also serves as a year-round reference for churches and clergy.
Christianity Today is also conducting a national survey on church staff compensation. Survey findings will appear in the 2018 Compensation Handbook for Church Staff
. Pastors, church business administrators, worship leaders, children's ministers, and all other persons employed by the church are urged to take this survey
. Survey participants will receive their choice of one of three resources for free: a downloadable resource on church finance, a downloadable Bible study, or a 6-month subscription to Christianity Today magazine.
Christianity Today is a nonprofit, global media ministry centered on Beautiful Orthodoxy--strengthening the church by richly communicating the breadth of the true, good, and beautiful gospel. Reaching over four million people monthly with various digital and print resources, the ministry equips Christians to renew their minds, serve the church, and create culture to the glory of God.