Direct Deposit Deadline for Stimulus Payments
The IRS announced Friday that time is running out for ministers and other taxpayers to go to the Get My Payment website to enter their direct deposit information in order to receive an electronic economic impact payment. You must enter your bank account information, if needed, by noon on Wednesday, May 13. After that date, any stimulus…
How do I qualify for PPP loan forgiveness?
Once you’ve received a PPP loan, you must spend the loan on approved expenses in order for it to be eligible for forgiveness. Luckily, the loans are intended to help with payments many churches are struggling with right now, including: Payroll costs Interest for mortgages Church rent obligations Church utility payments Health care benefits If…
When are my 2019 tax returns due?
With all of the last minute changes and automatic extensions that have happened due to COVID19, you may be wondering when your taxes are actually due. The filing and payment deadline of Federal return has been automatically extended to July 15th, 2020 due to the pandemic. If you cannot file by this date, you can…
What are Estimated Payments?
For those just starting as Clergy, you may not be familiar with how clergy taxes are paid. The United States has a pay-as-you-go tax system. This means that the Internal Revenue Service expects you to pay your taxes throughout the year, rather than just making a lump sum payment in December. For the majority of…
A quick analysis of important economic data
Clergy Financial Resources has received permission and partner with Elliott Pollack to provide an analysis of economic data. This is what the Founding Fathers were referring to when they called America “13 laboratories”. Except now it’s “50 laboratories”. As the country starts to open back up, (more than 30 states appear to be easing restrictions…
What goes in my Box 1 Wages?
Clergy W-2 forms can be a little confusing, and almost every Church seems to do them a little bit differently. And even filling them out requires a little bit of tax knowledge about what is and what is not taxable. Box 1 of the W-2 should include everything that you need IRS to consider as…
If you had errors checking your stimulus payment, check again.
Many taxpayers trying to use the IRS stimulus payment website have been frustrated. The website was quickly released after April 15th, and has not always worked as intended. Some received error messages attempting to use the website, or received a message incorrectly stating that their return information did not match the return on file. According…
SBA Approves Minister’s Housing Allowance for PPP Loan
PAYCHECK PROTECTION PROGRAM LOANS In an FAQ released on April 24, 2020, the U.S. Small Business Administration (SBA) states that it has approved the inclusion of the minister’s housing allowance in payroll costs for purposes of applying for a Paycheck Protection Program (PPP) loan and seeking forgiveness of that loan. 32. Question: Does the cost…
Remember to deduct clergy remote work expenses!
With the current quarantine situation in many states, many more people are working from home. While most non-clergy employees can no longer deduct unreimbursed employee expenses on Schedule A, Clergy still have the ability to deduct these expenses on Schedule SE, their self-employment tax schedule. If you had to buy a computer, purchase software, buy…
Top 10 Clergy W-2 Mistakes
Correctly filing Clergy taxes can be difficult, especially because many W-2 forms already contain errors or omissions. Here are ten common mistakes that are made when issuing Clergy W-2 forms. Forgetting to remove 403(b) contributions from taxable wages. The wages that Clergy defer into their traditional 403(b) retirement accounts should not be taxed. Forgetting to…
