At the end of the year, review your staff compensation and benefits program. This is also a good time to review your tax reporting responsibilities.
- If your church provides a parsonage, review the fair rental value and report any increase to MMBB so that Comprehensive Plan premiums and benefits will be accurate.
- Review last year’s accountable plan for ministry-related expenses and adjust as needed to ensure that the expense allowance is adequate.
- Collect your employees’ salary reduction elections for new health care and dependent care flexible spending accounts (FSAs).
- Remind employees to submit their FSA claims for the 2016 calendar year before the FSA claims filing deadline that you as the employer have established.
- Provide Copies B, C and 2 of Form W-2 to employees by Monday, January 31, 2017.
- File Copy A of Form W-2 with the Social Security Administration by Monday, January 31, 2017.
- Check to see that you, the employer, have an MMBB plan document and Adoption Agreement for each plan in which you participate. If not, contact MMBB.
- Reconcile the amount of contributions withheld from an employee’s pay for the Member Contribution Plan with the actual amount billed by MMBB. Be sure there is no discrepancy between the employee’s tax record and what was submitted on their behalf.
Documents and Resources available free of charge from MMBB.org
Documents and Resources available free of charge from the Internal Revenue Service
Search on www.irs.gov, or call 800.829.3676.
- Publication 517: Social Security and other information for Members of the Clergy and Religious Workers
- Circular E: Employer’s Tax Guide
- Publication 17: Your Federal Income Tax for Individuals
- Publication 463: Travel, Entertainment Gift and Car Expenses (for guidance on accountable plans for ministry-related expenses)
Resources available for purchase
Visit Church Law & Tax Store, or call 800.222.1840.
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