A church or religious organization is treated like any other employer as far as the tax rules on employee business expenses. The rules differ depending upon whether the expenses are paid through an accountable or non-accountable plan, and these plans determine whether the payment for...
Summer months aren’t too far away and college students everywhere are already searching for that perfect internship to help build their resume. Besides the college credit, though, internships help develop and grow the next generation of ministry leaders. So how do you set them up...
According to the Equal Employment Opportunity Commission (EEOC), you should count every employee who has worked for your organization during at least 20 calendar weeks in the current or previous year. And those 20 weeks don't have to be consecutive; the individual could have worked...
Generally speaking, a deductible ministry expense must be “ordinary and necessary” for it to count as a write-off. Ordinary and necessary simply means it’s a common expense for someone in the ministry, and it’s essential for the operation of your church. Unfortunately, you can’t deduct all...
You are most likely considering an HRA because you have decided to lower your health plan expenses by not providing your employees with group health insurance. The HRA will provide financial assistance to cover their eligible out-of-pocket healthcare expenses. What is a health reimbursement arrangement?...
Like any health benefit, healthcare-sharing ministries have their pros and cons. This section will break down the major advantages and disadvantages of healthcare ministries so you can make the best decision for you and your organization. Pros of healthcare sharing ministries While low costs are a...
You must pay income taxes on any converted funds in the year of the conversion, but there are several scenarios in which that might be to your advantage: You believe your tax bracket will be higher in retirement. In this scenario, paying taxes at your current...
Under Section 127 of the Internal Revenue Code (IRC), employers are allowed to provide tax-free payments of up to $5,250 per year to eligible employees for qualified educational expenses. To be considered qualified, payments must be made in accordance with an employer’s written educational assistance...
Yes! The four-day work week is becoming more popular since the pandemic. Employees want more flexibility and work/life balance. A 6 month trial with 70 companies in the UK has had extremely positive results for both employer and employee! Here are the top benefits of a...
When it comes to benevolence, the IRS makes a distinction between providing donations to people who lack the basic necessities of life (food, water, shelter, etc.) and awarding gifts to your employees. Gifts to the Needy Generally speaking, if your organization provides benevolence to someone in...