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Final regulations amending Circular 230 have recently been issued by the Treasury Department and the IRS. Above-the-line deduction for higher education expenses. That portion of a minister's compensation received from a church which is designated as a parsonage allowance and is used to pay parsonage related expenses. Changes to the exemptions, standard deduction, etc. Agencies adopted by voice vote an amendment by Rep.
Church owned parsonage provided to a minister to live in while performing ministerial duties for the church. Recorded in the church board minutes or in writing. After a 2 year transition period, this exclusion will be fully repealed.
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