Is your church concerned about payroll compliance? Beware, the IRS is hiring 700 new revenue agents whose only job will be to hunt down payroll-law violations. That means intense new scrutiny of your W-2s, 1099s, 1095s and other payroll tax reporting compliance.
Last year, 60% of clergy W-2 forms were issued in error by churches and payroll companies. Ministry leaders must understand these challenges and recognize the need for industry specialists.
Year-end preparation is the key. And, this year-end promises to be the most challenging in a generation—new (and accelerated) filing due dates; new rules severely limiting filing extensions; and new safe harbors—which have yet to be entirely fleshed out.
The Social Security Administration is clamping down, as well. Make even one critical error in your W-2 reports and you’ll be bumped down into non-filer status and become easy penalty bait for the IRS.
Contact Clergy Financial Resources to make sure you get it right!
Clergy Financial Resources serves as a resource for clients to help analyze the complexity of clergy tax law, church payroll & HR issues. Our professionals are committed to helping clients stay informed about tax news, developments and trends in various specialty areas.
This article is intended to provide readers with guidance in tax matters. The article does not constitute, and should not be treated as professional advice regarding the use of any particular tax technique. Every effort has been made to assure the accuracy of the information. Clergy Financial Resources and the author do not assume responsibility for any individual’s reliance upon the information provided in the article. Readers should independently verify all information before applying it to a particular fact situation, and should independently determine the impact of any particular tax planning technique. If you are seeking legal advice, you are encouraged to consult an attorney.
For more information or if you need additional assistance, please use the contact information below.
Clergy Financial Resources
11214 86th Avenue N.
Maple Grove, MN 55369
Tel: (888) 421-0101
Fax: (888) 876-5101