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Remember the extended due date for 2013 income tax returns is October 15, less than two months away. If you haven’t done so already, order and complete your clergy tax organizer which is required to prepare your tax returns.

The third quarter federal estimated tax payment for clergy is due September 15. Most clergy who make estimated tax payments will base them on their 2013 tax liabilities. Those who have uneven income or whose income will be less than last year’s should consult with their tax advisor to have tax projections done.

Source:
Clergy Financial Resources

http://www.clergytaxnet.com

Clergy Financial Resources is a national accounting and finance organization serving churches and clergy since 1980. They have an unparalleled tax expertise on the complex issues associated with clergy tax law, clergy taxes, clergy compensation and church payroll. Clergy Financial Resources is a valuable resource for clergy, churches and denominations.

Having a clear, well-organized employee handbook is a crucial element of the church-employee relationship. An employee handbook helps all employees understand church policies and procedures and assists with ensuring the smooth day-to-day operation by establishing clear workplace rules and policies. Contact us for more information.

Source:
Clergy Financial Resources

http://www.clergytaxnet.com

Clergy Financial Resources is a national accounting and finance organization serving churches and clergy since 1980. They have an unparalleled tax expertise on the complex issues associated with clergy tax law, clergy taxes, clergy compensation and church payroll. Clergy Financial Resources is a valuable resource for clergy, churches and denominations.

Millions of people enjoy hobbies that are also a source of income. You must report on your tax return the income you earn from a hobby. The rules for how you report the income and expenses depend on whether the activity is a hobby or a business. There are special rules and limits for deductions you can claim for a hobby. A key feature of a business is that you do it to make a profit. You often engage in a hobby for sport or recreation, not to make a profit.

Source:
Clergy Financial Resources

http://www.clergytaxnet.com

Clergy Financial Resources is a national accounting and finance organization serving churches and clergy since 1980. They have an unparalleled tax expertise on the complex issues associated with clergy tax law, clergy taxes, clergy compensation and church payroll. Clergy Financial Resources is a valuable resource for clergy, churches and denominations.

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For many years, churches have been permitted to reimburse employees for or directly pay the cost of individual health insurance policy premiums and exclude such amounts from the employee’s gross income. However, recent Internal Revenue Service guidance effectively eliminates these health care reimbursement plans after December 31, 2013.

Group health insurance policy premiums paid directly by the church to the insurance provider are still allowed on a nontaxable basis. When the church moves from a group to individual policies, any payments to the insurance provider or employees are now considered taxable income to the employee.

A church is still allowed to establish an arrangement under which an employee may choose between cash or an after-tax amount to be applied toward health coverage. The church is just not permitted to provide reimbursement on a pre-tax basis. Some churches have identified a cost savings when moving to individual coverage. However, each employee will have an increase in their tax liability.

NOTE: Churches with only one employee are eligible to set up a standalone HRA to pay for individual health care premiums and miscellaneous medical expenses on a pre-tax basis.

Source:
Clergy Financial Resources

http://www.clergytaxnet.com

Clergy Financial Resources is a national accounting and finance organization serving churches and clergy since 1980. They have an unparalleled tax expertise on the complex issues associated with clergy tax law, clergy taxes, clergy compensation and church payroll. Clergy Financial Resources is a valuable resource for clergy, churches and denominations.

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Tax and Financial management should be a year-round activity rather than limited to the traditional tax season. The biggest mistake nearly one-third of clergy make is only communicating with their accountants during tax time. In order that we may properly advise you of tax considerations, please keep us informed of any significant changes in your financial affairs or of any correspondence received from taxing authorities.

Source:
Clergy Financial Resources

http://www.clergytaxnet.com

Clergy Financial Resources is a national accounting and finance organization serving churches and clergy since 1980. They have an unparalleled tax expertise on the complex issues associated with clergy tax law, clergy taxes, clergy compensation and church payroll. Clergy Financial Resources is a valuable resource for clergy, churches and denominations.

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Let’s face it. Running a church often leaves little time to address human resources (HR) or payroll challenges. Only 6% of the churches have a dedicated HR professional on staff, yet making any of these Top 5 HR or Payroll Mistakes can have direct impact on your HR and payroll compliance:

1. Incorrect employment classification
2. No or old employee handbook
3. Improper payroll deductions
4. Missing or incomplete employment records
5. No hiring and terminating letters

Do any of these look familiar?

Whether you’re an existing client who wants to learn more, or are looking for a new HR or payroll service, we’re ready to help your church when you’re ready.

Contact us today!

Source:
Clergy Financial Resources

http://www.clergytaxnet.com

Clergy Financial Resources is a national accounting and finance organization serving churches and clergy since 1980. They have an unparalleled tax expertise on the complex issues associated with clergy tax law, clergy taxes, clergy compensation and church payroll. Clergy Financial Resources is a valuable resource for clergy, churches and denominations

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Document the Employee is Legally Allowed to Work
This involves verifying both their identity and that they are legal for employment in the United States. Once they have presented you with the necessary documentation to verify this, you can fill out their I-9 form. You needn’t submit this to anyone. However, it is crucial to have this document on file for the authorities, should they ever request to examine it.

Have the Employee Fill Out Tax Forms
The W4 form the IRS will let you know how much to withhold from each of the employee’s paychecks for federal tax purposes. In addition, most states have state income taxes, which will require their own form or forms. The only item you should need to fill out on these forms is your FEIN.

The Department of Labor requires that you have on file for all employees: personal information, compensation, payroll deductions, records of hours worked, records of compensation, W4 and I9 forms.

Source:
Clergy Financial Resources

http://www.clergytaxnet.com

Clergy Financial Resources is a national accounting and finance organization serving churches and clergy since 1980. They have an unparalleled tax expertise on the complex issues associated with clergy tax law, clergy taxes, clergy compensation and church payroll. Clergy Financial Resources is a valuable resource for clergy, churches and denominations

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The answer is no. The church does not have to provide health insurance to their employees. Churches with less than 50 full-time equivalent employees for the previous calendar year are not required to provide health insurance. However, The Affordable Care Act requires most Americans to carry a “minimum essential coverage” health plan, or pay a tax penalty.

Source:
Clergy Financial Resources

http://www.clergytaxnet.com

Clergy Financial Resources is a national accounting and finance organization serving churches and clergy since 1980. They have an unparalleled tax expertise on the complex issues associated with clergy tax law, clergy taxes, clergy compensation and church payroll. Clergy Financial Resources is a valuable resource for clergy, churches and denominations

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Outstanding student loans were $1.11 trillion as of 3/31/14. Outstanding credit card debt was $857 billion as of 3/31/14. Student loans have increased $124 billion in the last 12 months while credit card debt has increased just $7 billion over the same period (source: Federal Reserve).

Source:
Clergy Financial Resources

http://www.clergytaxnet.com

Clergy Financial Resources is a national accounting and finance organization serving churches and clergy since 1980. They have an unparalleled tax expertise on the complex issues associated with clergy tax law, clergy taxes, clergy compensation and church payroll. Clergy Financial Resources is a valuable resource for clergy, churches and denominations

Leave a Comment

From 1984 through 2008, the Social Security payroll taxes paid by Americans exceeded the benefit payments made by Social Security. However since 2009, benefits paid have exceeded taxes collected, including a $51 billion shortfall in 2013 (source: Social Security).

Clergy Financial Resources

http://www.clergytaxnet.com

Clergy Financial Resources is a national accounting and finance organization serving churches and clergy since 1980. They have an unparalleled tax expertise on the complex issues associated with clergy tax law, clergy taxes, clergy compensation and church payroll. Clergy Financial Resources is a valuable resource for clergy, churches and denominations