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Pastors
Death & Taxes
Life's Unchanging Constants
Pastors understand death and what happens in the here-after very well. Taxes, the IRS and finances are a different story. Willoughby CPA prepares tax returns for approximately 100 pastors. Pastors have a unique standing in the IRS that is not well understood by them or their preparers. We prepared tax returns in over 20 states last year and our clients are from over a dozen different denominations. Willoughby CPA understands the tax and financial issues affecting pastors.
Pastors have a unique employment situation. Frequently their private financial affairs don't remain private. Their salary is frequently public and is approved as part of the church budget process. Our clients benefit from a financial advisor who is independent of the congregation and a member of the body.
Willoughby CPA is familiar with:
- Clergy Housing Allowance.
- Accountable Reimbursement Plan.
- Pastors' W-2 Dual Status as a Common Law Employee and Self-Employed for Social Security purposes.
- Opting out of Social Security.
- Opting in to Social Security.
- W-2 vs 1099-Misc for Ordained Clergy.
- When a housing allowance increases a pastor's taxes.
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