Clergy Act passes Congress

After nearly 30 years, Congress has finally passed legislation offering another opportunity for ministers to revoke a previous decision to opt out of Social Security and Medicare. It’s big news for ministers who made the decision and later wished they hadn’t, whether because of a misunderstanding or poor guidance from a financial advisor. Attorney Danny Miller, a Church Law & Tax editorial advisor, explains the details, including when the window of opportunity opens and what happens next. (From CL&T: as always consult with your own tax professionals for further guidance.)