Are you a clergy member or a religious worker? Or are you helping a clergy member or a religious worker file his or her 2011 tax returns? Or maybe you just love new IRS publications?
If you answered yes to any of these questions you should know that the IRS released a new version of Publication 517, which contains social security and other information for members of the clergy and religious workers.
The publication provides guidance on which earnings are taxed under FICA and which under SECA; how a member of the clergy or a religious sect applies for exemption from self-employment tax; and how a clergy member or religious worker calculates net earnings from self-employment.
The IRS also created a page on its website for more information about the publication, which will have any future developments regarding the publication, including newly enacted legislation.