One Week to 1040 Extension Deadline

We are only seven days away from the final extension deadline for the 2019 1040 tax return. Once this deadline passes, there are no further extensions. IRS will consider your return late, and could assess late filing penalties if you haven’t already paid the tax on the return. If you still haven’t gotten started on…

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FAQ: Can I stop my church from taxing me as a Minister?

When confronted with the additional self-employment tax burden that clergy face, many ministers ask the question “Can I just tell my church to tax me as a normal employee?” Unfortunately, whether you are taxed as a Minister is determined primarily by the functions of the position. IRS lists five criteria to determine if a position…

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Clergy Moving Expenses Q&A

This Q&A has been developed to provide general information for churches and clergy who may have questions about the change in federal tax law concerning moving expense payments.  Q: How does the new law change moving expense payments? A: The moving expense exclusion and the individual deduction were both eliminated for tax years 2018 through…

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Basic steps to start a new business

Understanding the tax responsibilities that come with starting a business venture can save you money and help with success. Choose a business structure The form of business determines which income tax return a business taxpayer needs to file. The most common business structures are: Sole proprietorship: An unincorporated business owned by an individual. There’s no distinction between…

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The separation of accounting duties

There are three functions of the accounting process that should be performed by different individuals: the recording of transactions, the authorization of transactions, and the custody of assets. As an example, when writing a ministry check, the functions of printing the check (recording), signing the check (authorization), and reconciling the bank statement (custody) should be…

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