Ministers considering the revocation of their exemption from Social Security taxes should not delay in making a decision.
While the deadline for filing the application to revoke one's exemption from Social Security coverage (Form 2031) may be filed as late as April 15, 1988, a minister who waives his exemption must begin paying Social Security taxes no later than January 1, 1987. The longer a minister delays in making a decision on this important question, the less likely it will be that he or she will have the financial resources to pay the accumulated tax liability.
Source: March-April 1987 issue of Church Law & Tax Report