Unemployment insurance for churches due to COVID-19

The COVID Phase III Stimulus Package provides specific provisions that will allow pastors or ministry staff who have lost their jobs to apply for unemployment benefits. The law creates a temporary program through December 31, 2020, to provide payment to those not traditionally eligible for unemployment benefits (self-employed, independent contractors, those with limited work history…

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Financial Relief for Churches – COVID-19

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help churches and small businesses keep  workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. Importantly, these loans may be forgiven if borrowers maintain their payrolls during…

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Extension Effects on IRA Contributions and Estimated Payments

In addition to changing the filing and payment deadlines for your 1040, the new extensions also impact IRA contributions and estimated payments. Normally for IRA contributions, you can claim credit for contributions made before the April 15th filing due date. For example, if you paid $500 into an IRA on March 21st of 2020, you…

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IRS issues guidance on filing and paying extensions

Last week it was announced during a press conference that IRS would be extending the deadline for 1040 filings and providing some relief on payments. This week the IRS issued written guidance explaining what that means to taxpayers. The due date for all 1040 returns has been automatically extended from April 15th to July 15th….

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Less than 1 Month to 1040 Filing Deadline!

Barring any last-minute changes, 1040 returns will be due April 15th. If you still need to turn in your documents, here are five quick tips to make things easier for your tax preparer: If a document does not have your name on it, write your name on it! Your preparer is probably receiving a mountain…

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Payment Deadline Extended to July 15, 2020

At a press conference on Tuesday, Treasury Secretary Steven Mnuchin announced that IRS will be pushing back the 1040 payment deadline by 90 days due to the impact of COVID19. Individual taxpayers will be able to defer payment on their 1040 return until July 15th with no penalty. As this plan was just announced on…

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What is the Fair Labor Standards Act?

The Fair Labor Standards Act (FLSA) is a federal law that mandates minimum wage and overtime pay for many employees. This law was designed to protect employees by assuring that employers pay eligible employees at least minimum wage for all hours worked and overtime for any hours worked over 40 per week. Although few congregations…

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Extensions to file are not extensions to pay

There’s a little more than a month left before the April 15th deadline. If you aren’t able to file by April 15th, you can request a filing extension with the IRS (and possibly your state). While IRS has no problem with delaying your filing until October, many people forget that they still expect your payment…

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Don’t lose the housing allowance on your 403(b)!

The Housing Allowance is one of the best tax benefits currently available to clergy today. Clergy can use a housing allowance to exempt a portion of their wages from income taxes. This can be done from wages or from deferred wages that were placed into a 403(b) denominational pension. When you retire, you may be…

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Retired Ministers can still claim housing allowance

One of the best tax benefits currently available to clergy, the housing allowance, isn’t just limited to wages. Did you know that you can claim a housing allowance from your denominational pension distributions as well? When a minister retires and starts taking funds from their denominational pension, they can potentially receive the funds income-tax-free as…

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