Is this your first ministry position? Are you moving? Have you had a change in your compensation? Let us calculate your estimated payments or optional withholdings. This service will ensure that your tax liabilities are paid on time and no surprises at the end of the year. Estimated Payment Support Clergy are subject to estimated…
Do office managers need to be classified as exempt under the Fair Labor Standards Act? No, it’s fine to classify office managers as nonexempt. You are under no obligation to classify any employees as exempt, even if they meet the criteria under the Fair Labor Standards Act. You could have an entire workforce of nonexempt…
What is Considered Income For Tax Purposes? Tax season is right around the corner. Employers are preparing and sending out W2 forms to their employees and 1099 forms to their contractors. Individuals are receiving a wide variety of tax-related documents. A threshold issue for proper individual tax reporting is understanding what is considered taxable income….
ICHRA Reporting Requirements Individual Coverage Health Reimbursement Arrangements (ICHRAs) first became available in 2021. ICHRAs allow employers to reimburse employees for individual health insurance coverage (or Medicare coverage) that employees obtain on their own. ICHRAs provide employers with an alternative to offering traditional group health insurance coverage to employees. Although ICHRAs may not be a…
Quarterly Estimated Tax Payments – Reminder If you are making quarterly estimated tax payments to the IRS, the due date for the September 1st – December 31st, 2021 quarter of the year is January 18th, 2022. You may be able to skip the January 18th payment if you file your 2021 return by January 31st,…
2022 Church & Clergy Tax Guide – Pre-Orders Today! The expected release date is Jan 31st, 2022 Find comprehensive help understanding United States tax laws as they relate to pastors and churches with Richard Hammar’s 2022 Church & Clergy Tax Guide. Tax law in general is highly complex and ever changing. Add to that the many unique rules…
Start Filing W-2 and 1099 Forms today! Online W-2 and 1099 Filing for Churches The W-2 Form is probably one of the most common tax forms used by churches today, as every employee must receive one prior to filing their income taxes out and every employer must produce them. The mere mention of filing a…
W-2 vs. 1099: Which workers get which? As the economy continues to expand, churches now more than ever need to possess a thorough understanding of the classification for each person performing services for the church. Knowing whether the IRS views someone as your employee or as an independent contractor dictates tax obligations and associated paperwork,…
The Myths of the 1099-NEC forms 1099-NEC is a new form, as of the 2020 tax reporting year that has replaced some of the functions of 1099-MISC. The IRS requires you to report information about people who perform work for the church but are not on the payroll. This involves filling out Form 1099-NEC: Nonemployee Compensation. Unlike…
Are contributions effective for 2021 or 2022 It’s that time of year again when many people add charitable giving to their busy holiday to-do list. Year-end giving can come with great benefits, of course, and now is a good time to refresh on some highlights, as well as finer points that can get donors in…
