Identity Theft Protection
Each year during tax season, millions of people are exposed to identity theft when their 1099-MISC and W-2 forms are sent through the mail. Our CyberCabinet protects you, your employees and your contractors. The CyberCabinet offer you an ultra-convenient way to access documents, transfer data, and convey information 24/7 from any Internet connection. Source: Clergy…
Individual income tax returns are due October 15.
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…
Does your Church need an Employee Handbook Update?
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 Home Clergy Financial Resources is a…
Hobby or Business?
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…
Can churches reimburse employee health care premiums?
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…
Communicate with Your Accountant Year-Round
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…
Top 5 HR or Payroll Mistakes
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…
New Hire Checklist
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…
Does the church need to provide health insurance to their employees?
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…
Clergy Tax Fact: Student Loan Debt Skyrocketing
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 Home Clergy Financial Resources is…
