Do I need my compensation reviewed?
Probably. Regardless of the size of your organization or the level of your compensation, IRS law requires that executive compensation be “reasonable.” If that sounds confusing, don’t worry. We’re here to help.
Should I worry about confidentiality?
Absolutely not. All of your information is securely stored and never shared.
How much will compensation compliance cost?
Because every ministry is unique, we quote all work on an individual basis. All quotes are always free and carry no obligation.
I’m interested – what now?
Send us a message or give us a call at 317 570-9573.
What is an Executive Compensation Report?
For a comprehensive analysis, we offer Executive Compensation Reports. These customized reports are an in-depth study of the ministry’s background and the employees’ duties. We consider many factors and collect many facts before issuing our opinion on reasonable compensation levels for the employees under consideration.
What are compensation minutes?
Compensation minutes contain the specific language required by the IRS to document the approval of compensation amounts. We regularly assist clients with these.
What tools can ChurchShield provide to assist in getting my compensation in compliance?
ChurchShield can provide compensation compliance assessment tools (spreadsheets, for example) to help track your compensation throughout the year. We can also help you determine which forms of compensation are taxable and which ones are not.
When should the Board determine and set compensation amounts?
The Board should analyze and determine compensation amounts prior to the compensation being paid. Compensation amounts should be documented in detail for each element of compensation, including taxable and non-taxable benefits that each qualified person will be paid for the upcoming year.
What is a housing allowance?
The federal government has made provision for licensed, commissioned or ordained ministers to receive a substantial portion of their compensation free of federal income tax in the form of a housing allowance. The housing allowance is available to any minister who fulfills the IRS defined criteria for ministerial duties. The minister qualifying for housing allowance should request the Board of Directors to designate a specific portion of their compensation as housing allowance.
What other tax advantages are available for ministers?
If a minister elects to file IRS Form 4361, the minister may be exempt from self-employment tax.