2023 Housing Allowance Reminder
Dear Clients and Friends,
Now that we are in December allow me remind you, if you have not done so already, to have your Board of Directors approve your 2023 parsonage and housing allowances. This is done by designating a portion of each ministers compensation as housing allowance. Remember it must be approved in writing and in advance of the calendar year. So December 31, 2022 is the deadline for for 2023. Housing allowance cannot be retroactive only prospective. Failure to approve such allowances may result in unnecessary tax consequences.