What is the difference between vacation time and PTO?
Vacation policies are intended to be used for the specific purpose of vacation or leisure time, and churches who offer vacation time generally offer sick leave as well. The alternative to having two separate benefits is a singular Paid Time Off (PTO) benefit, which may be used for any purpose the employee chooses. Some states…
What is the Gift Tax Exemption in 2020?
If you gave a large gift or received a large gift, you may be wondering about gift tax. Here’s the details on this rare tax: Gift tax is never paid by the recipient. If someone gifts you $30,000, you don’t have file a gift tax return or pay gift tax. The giver is responsible for…
Tax-Filing in 2020: What Is My Tax Bracket?
If you are keeping an eye on next year’s taxes, you should know that the tax brackets for 2020 are available. All of the brackets are the same as 2019 (37%, 35%, 32%, 24%, 22% and 12%), but the thresholds have slightly increased. This means if you are earning the same taxable income in 2019…
Now what! I received a letter from the IRS.
The first reaction by most taxpayers when they find out they are being audited by the IRS is crippling fear. An audit occurs when the IRS has reason to believe that the tax you paid is not what should have been collected. The IRS wants to investigate how you calculated your tax due for the…
Is it too late to file my return?
If you found yourself unable to meet the tax deadline to complete your 2019 tax return by July 15, 2020, you’ll still in luck. Your extension will allow you to push your filing deadline back to October 15, 2020. This extension is not an extension of time to pay. If you have not made all…
I missed the July 15 deadline – Now What?
While the federal income tax-filing deadline has passed for most people, some clergy haven’t filed their 2019 tax returns yet. If you’re entitled to a refund, there’s no penalty for filing late. Penalties and interest will begin to accrue on any remaining unpaid tax due as of July 16, 2020. Anyone who didn’t file and…
4 reasons churches shouldn’t rush their PPP forgiveness applications
Churches who received Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act will soon be asking if and how they will qualify for PPP loan forgiveness. There is uncertainty over some of the program details. While you may be anxious to apply for forgiveness, here are five factors affecting the…
What do we do if an church employee is diagnosed with COVID-19?
First, notify other employees of potential exposure, if any, in the church and congregation. You should tell them that someone was diagnosed with the illness, but you should not identify which employee is sick, even if employees ask so they can gauge their own risk. Medical information, such as a diagnosis, must be kept confidential….
IRS Confirms It Has No Plans To Extend The Filing Deadline
The Department of the Treasury and the Internal Revenue Service have announced that the 2019 tax filing deadline remains July 15, 2020. Due to COVID-19, the original filing deadline and tax payment due date for 2019 was postponed from April 15, 2020, to July 15, 2020. Ministers who cannot meet the July 15 due date…
The New PPP EZ Application
I think it’s important to first determine if you qualify for the EZ PPP Loan Application before getting bogged down in some of the other provisions and rules. The whole goal of the EZ App is to require less documentation, fewer calculations, and simplifies the process dramatically for a large number of business owners. EZ…
