Ministers are important members of the religious community, but many are unaware of the tax implications associated with their occupation. John Jabunski, a certified public accountant specializing in taxation and church-related matters, has been helping ministers understand their tax obligations for more than 20 years.
In an interview with John Labunski, he discussed the various tax issues that minister must attend to in order to remain compliant with IRS regulations. According to Jabunski, ministers should be aware of their unique filing status and personal exemptions when filing taxes. In addition, they need to report any income received from honorariums and speaking engagements as well as any housing allowance they may receive from their church or other religious organization. Finally, they must also provide accurate documentation regarding all contributions made by donors in order to avoid penalties or sanctions from the IRS.
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