Printer Friendly

Revocation of Exemption From Self-Employment Tax. (IRS News).

The Ticket to Work and Work Incentives Improvement Act of 1999 provides an opportunity for certain individuals to revoke their Form 4361, Application for Exemption From Self-Employment Tax for Use by Ministers, Members of Religious Orders and Christian Science Practitioners.

Elections that were effective for the tax year including Dec. 17, 1999, may be revoked under this provision. The revocation will be effective for either 2000 or 2001 and all later years.

Clients who choose to revoke the exemption will be covered under the Social Security System, and their earnings will be subject to Self-Employment Tax.

Once the exemption is revoked, they cannot re-apply for exemption from Self-Employment Tax.

To revoke the exemption, complete and file Form 2031, Revocation of Exemption From Self-Employment Tax for Use by Ministers, Members of Religious Orders and Christian Science Practitioners.

You can file the form with the IRS by fax at (859) 292-7867 or mail to: Internal Revenue Service; Stop 14M; Attn: Exemption Revocation; P.O. Box 12267; Covington KY 41012-0227.
COPYRIGHT 2002 California Society of Certified Public Accountants
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2002, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:ministers, members of religious orders and christian science practitioners
Publication:California CPA
Article Type:Brief Article
Geographic Code:1USA
Date:Nov 1, 2002
Words:167
Previous Article:California's top cybercities. (News & Trends).
Next Article:Help your clients make a difference. (Giving Back).
Topics:


Related Articles
Effect of parsonage allowance on self-employment tax and on Sec. 265.
LLCs and liability for self-employment taxes.
Tax-free housing allowances for ministers: documentation is critical to ensure exclusion.
LLC members and self-employment tax.
Self-employment tax and the LLC member: a uniform approach.
IRS loses SE tax challenge.
Filing season gems: everything from refinancing points to giving advice on minds of CPAs.
Impact of self-employment loss on earned income.
Reasonable compensation and SE taxes.
SE tax of LLC members.

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters