W-4 Instructions for Clergy
The W-4 form contains five steps. Not every step is applicable to every employee, so some sections might correctly remain blank. Step 1. Here, clergy and nonclergy would provides personal information. Make sure the name, address, and social security number entered match what Payroll has on file. This section also asks filing status: single or…
What is an IRS payment plan?
What is an IRS payment plan? An IRS payment plan is an agreement you make directly with the IRS to pay your federal tax bill over a certain amount of time. There are two kinds of IRS payment plans: short-term and long-term. Typically you’ll make monthly payments to settle what you owe. So long as…
Which States Are Giving Out Tax Rebates?
Which States Are Giving Out Tax Rebates? The federal government is unlikely to send more Stimulus payments this year, but at least 17 states have issued or are in the process of sending out payments. California Gov. Gavin Newsom and state lawmakers have agreed to send millions of Californians inflation relief checks as high as…
When a Nonprofit Organization Ceases Operations
When a Nonprofit Organization Ceases Operations Previous articles have discussed the many steps in setting up a nonprofit organization. Like any new venture, starting a nonprofit comes with risks. Not all new organizations succeed. The disruptions of COVID-19, and the economic impacts that have followed, only add to the volatility of new endeavors. In such…
403(b) contribution limits
403(b) contribution limits Most workers have heard of 401(k) plans and their usefulness in saving for retirement, but other tax-favored retirement savings vehicles are available to certain employees. For those who work in education, medical professions, or nonprofit organizations, many employers offer 403(b) plans. 403(b) plans are similar in many ways to 401(k)s, and one thing they…
Summertime Fiscal Year Transitions
Summertime Fiscal Year Transitions Happy New Year in the summer? For some churches and other nonprofit organizations, this is a sensible statement. Most nonprofit organizations decide to follow the calendar year as their tax year (or “fiscal year”) when they are formed. Upon incorporation, some states require disclosure of the month in which the organization’s…
