As far as I know, this is could be viewed as embezzlement, and subject you to an IRS audit, unless you paid back the loan with substantial interest. You could, from my understanding receive an "allowance" from the Board of Directors, to an entitlement of a certain amount of money...
Hey everyone,
I am in the early process of establishing my Church, and I have a few questions. Firstly, I understand that Churches are exempt from taxation automatically, and are not required to file a form 1023 to receive this exemption (IRS Publication 557).
1) Does this refer only to...