Clergy

Businesses and Non-Profit Organizations that together with their affiliates accepted Paycheck Protection Program (PPP) funds of less than $2 million will be assumed to have performed the required certification concerning the necessity of their loan requests in good faith, according to guidance posted by the...

15 May, 2020

After weeks of uncertainty surrounding the Minister's Housing Allowance for Paycheck Protection Program loans, the U.S. Small Business Administration (SBA) states in a Frequently Asked Questions report that it has approved the inclusion of the minister’s housing allowance in payroll costs for purposes of applying...

07 May, 2020

As a service to our Church clients, we are posting this article which has been copied from the Evangelical Council on Financial Accountability (ECFA) April 8th email notice sent to its Members. Please feel free to reach out to the ECFA with further questions and...

16 April, 2020

If you’re a minister, you must pre-pay a substantial portion of the taxes you’ll owe for that year in estimated quarterly payments to avoid penalties. Tip # 1: Make your payment on time   The US has a pay-as-you-go tax system, meaning the IRS expects you to make...

23 January, 2020

Reason 1: Income Tax Deduction   Contributions to your 403(b) account are tax deductible for federal income and social security taxes. Putting money into the 403(b) reduces your taxable income for that year. For example, if you put $5,000 into your 403(b) account and your federal income...

16 January, 2020

One controversial provision of the Tax Cuts and Jobs Act of 2017, you may recall, required nonprofit organizations, including churches, to calculate unrelated business income tax on qualified transportation fringe benefits provided to employees. Among the benefits included were employer-provided parking and mass transit passes, as...

09 January, 2020

On December 16, 2019, U.S. lawmakers struck a tax-policy deal.  As part of the package, lawmakers agreed to repeal a part of the 2017 Tax Reform law that charged churches and nonprofits taxes for offering parking to their employees. It appears that if the nonprofit parking...

26 December, 2019

WASHINGTON – The Internal Revenue Service said recently that the Taxpayer First Act, enacted July 1, requires tax exempt organizations to electronically file information returns and related forms. The new law affects tax exempt organizations in tax years beginning after July 1, 2019. The following IRS...

19 December, 2019