Don’t Underestimate Your Housing Allowance!

In our last article about the Clergy Housing Allowance, we discussed the fact that if you don’t properly designate and document a Housing Allowance, IRS could end up disallowing it. Even when you properly document a Housing Allowance, there is an additional risk that we should discuss: designating too little. Consider the following scenario: A…

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Tax Season means more IRS Scams

As we inch closer towards April 15th, the number of phone calls pretending to be IRS will become more frequent. These scams take advantage of the public’s fear of IRS, making it sound like the victim will go to prison if they don’t agree to pay up. Even worse, these scams are getting more sophisticated…

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How to Properly Designate a Housing Allowance

Do you get paid an allowance for housing? Are you sure that it’s set up correctly? Double checking your housing allowance is an easy way to avoid annoying tax headaches later. In order to take a housing allowance, there needs to be proper documentation: A specific dollar amount or percentage of salary must be designated,…

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Miscellaneous Itemized Expense Deductions Cut in 2018

The Tax Cuts and Jobs Act is changing a lot this year, for better and for worse. One of the bigger changes to 1040 returns is the loss of miscellaneous itemized expenses on Schedule A. What sort of things are included in miscellaneous itemized expenses? Here are some examples: Tax preparation fees Investment fees Safety…

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2018 Webinar for Clergy W-2 Forms

Filing clergy returns can be an intimidating and even confusing process to the uninitiated. Practitioners and bookkeepers unfamiliar with clergy tax law will quickly find that Clergy W-2 forms differ slightly from regular W-2 forms. Often Social Security and Medicare withholding will get reported by mistake when they should not. Sometimes housing allowance or parsonages…

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W-2 and 1099 Deadline Approaching

January is here, bringing with it a new tax year and (you guessed it) new tax deadlines. W-2 and 1099 filings can be especially important for smaller organizations, who can be caught unaware that failing to file these forms timely causes stiff penalties. According to IRS’s instructions, employers must complete Form W-2, furnish a copy…

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Resolve to Start 2019 Organized!

Nobody likes rushing to gather tax documents just before the April 15th deadline. Who needs the additional stress and worry? Don’t stress out this tax season. Make a New Year’s Resolution to get your tax organizer completed and returned early! Clergy Financial paper organizers will start being mailed to clients on January 15th. The online…

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Government Shut Down, but Estimated Payments Still Required.

Even though the Government is currently shut down, IRS has not yet changed any of the deadlines for making estimated payments. This means that if you are required to make quarterly estimated payments, your final estimated payment for 2018 is still due Tuesday, January 15th of 2019. Make sure you remember to make your last…

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