Is it too late to file my return?
If you found yourself unable to meet the tax deadline to complete your 2019 tax return by July 15, 2020, you’ll still in luck. Your extension will allow you to push your filing deadline back to October 15, 2020. This extension is not an extension of time to pay. If you have not made all…
I missed the July 15 deadline – Now What?
While the federal income tax-filing deadline has passed for most people, some clergy haven’t filed their 2019 tax returns yet. If you’re entitled to a refund, there’s no penalty for filing late. Penalties and interest will begin to accrue on any remaining unpaid tax due as of July 16, 2020. Anyone who didn’t file and…
4 reasons churches shouldn’t rush their PPP forgiveness applications
Churches who received Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act will soon be asking if and how they will qualify for PPP loan forgiveness. There is uncertainty over some of the program details. While you may be anxious to apply for forgiveness, here are five factors affecting the…
What do we do if an church employee is diagnosed with COVID-19?
First, notify other employees of potential exposure, if any, in the church and congregation. You should tell them that someone was diagnosed with the illness, but you should not identify which employee is sick, even if employees ask so they can gauge their own risk. Medical information, such as a diagnosis, must be kept confidential….
IRS Confirms It Has No Plans To Extend The Filing Deadline
The Department of the Treasury and the Internal Revenue Service have announced that the 2019 tax filing deadline remains July 15, 2020. Due to COVID-19, the original filing deadline and tax payment due date for 2019 was postponed from April 15, 2020, to July 15, 2020. Ministers who cannot meet the July 15 due date…
The New PPP EZ Application
I think it’s important to first determine if you qualify for the EZ PPP Loan Application before getting bogged down in some of the other provisions and rules. The whole goal of the EZ App is to require less documentation, fewer calculations, and simplifies the process dramatically for a large number of business owners. EZ…
Reopening Church – Michael Osterholm Explains How To Assess COVID Risk
Michael Osterholm is the founder and director of the Center for Infectious Disease Research and Policy at the University of Minnesota. His 2017 book, Deadliest Enemy: Our War Against Killer Germs, was recently republished with a new foreword about COVID-19. Mark Olshaker is a co-author. Podcast & Interview Link Interview highlights On anticipating a second, worse wave of…
Reminder: 1 month remains to extended 1040 deadline
This year’s 1040 deadline was extended from April 15th to July 15th, and it’s approaching fast. If you haven’t yet gotten your tax documents to your tax preparer, you may want to think about getting them in or asking your tax preparer to file an extension for you. Even if you can’t pay your tax…
Can I refuse to take my salary?
In difficult economic times, Churches must make tough decisions about what bills they can afford. Sometimes Ministers refuse their salary in order help the Church. If you refuse to take your full salary for the year, do you still need to report it as taxable income? The answer, like all good tax questions, is “it…
Got A Notice From The IRS
The Internal Revenue Service (IRS) will send a notice or a letter for any number of reasons. It may be about a specific issue on your federal tax return or account or may tell you about changes to your account, ask you for more information, or request a payment. Before you proceed, check where the…
