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Publication: Michigan Academician
Publication Date: 01-JAN-08 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Tax Planning for Clergy, Gary Hayes and Debra McGilsky, Central Michigan University, School of Accounting, Mt. Pleasant, MI 48859

Clergy represent one of the few professions subject to tax laws unique just to them. As a result, anyone who serves on a religious board or finance committee, or who serves as treasurer for a religious organization, needs to be aware of the tax compliance complexities and planning opportunities clergy face. This paper addresses one of the most challenging of these complexities, the clergy's housing allowance. This provision allows a sizable portion of compensation to be exempt from tax, however, calculating it can be confusing. The paper discusses the optimal way a clergy's compensation package should be allocated between his/her regular salary and his/her housing allowance so that...

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