Various critical financial tasks must be completed before the first of the new year. To help church treasurers navigate this, Church Law & Tax asked several tax and accounting experts to review our list of year-end tasks, keeping in mind any tax law changes that might affect a treasurer’s end-of-the-year to-do list. Here, then, is an updated list of tasks that should help you finish 2019 well and get started right in 2020.
1. Designate a housing allowance
The board or congregation should designate a housing allowance for 2020 for ministers who own or rent their home (and for ministers who live in a parsonage and who pay some of their housing expenses). Find sample housing allowance and parsonage allowance resolutions in chapter 6 of Richard Hammar’s annual Church & Clergy Tax Guide.
Note. The legal challenge to the housing allowance has been resolved and this valuable benefit ...