Now is the time to make your estimated tax payment. If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The second quarter due date is now here....Read More
For most tax professionals, conducting due diligence is second nature, an automatic reflex much like breathing. When a function becomes this automatic, some practitioners may be lulled into a routine of “checking the boxes”...Read More
As the 2019 tax filing season gets into full swing, some taxpayers are facing a surprise tax bill instead of a refund. For those who are unprepared, the Internal Revenue Service offers several payment options. The IRS anticipates that...Read More
IRS Can Deny or Revoke Passports of Those with Severe Tax Debt Under the Fixing America’s Surface Transportation (FAST) Act, a little-noticed highway spending measure, the IRS can deny, revoke or limit a passport if you have a...Read More
Ministers can prepare their own tax returns. While ministers' taxes present several unique rules, these rules are not complex. Unfortunately, many people confuse uniqueness with complexity. With a little effort, most ministers should...Read More
Understanding the tax and financial aspects of your ministry can save you money and reduce your risk of Internal Revenue Services (IRS) audits. That is why Clergy Tax Financial offers year-round seminars, workshops, and webinars around...Read More
Due to the lapse in appropriations, most IRS operations are closed during the shutdown. An IRS-wide furlough began on December 22, 2018, that affects many operations. During this period, the IRS reminds taxpayers that the underlying...Read More
If ministers meet several requirements, they may exempt themselves from self-employment taxes concerning their ministerial earnings. Among other things, the exemption application (Form 4361) must be submitted to the IRS within a....Read More
As an AME Church pastor, your wages are exempt from federal income tax withholding. This means your local AME Church does not have to withhold income taxes from your paycheck. And since AME Church pastors are self-employed for Social...Read More
In North Carolina, IRS audited several hundred United Methodist minister's tax returns that reported their salary income and professional expenses spent to earn that income on Schedule C. Legal counsel of the United Methodist...Read More
Often a church treasurer or board will ask their minister what tax status they prefer as if it is an optional decision. Our theological colleges and seminaries do a very poor job teaching ministerial students about tax law and how it...Read More
The criteria the Internal Revenue Service (IRS) uses to determine who is a minister are not necessarily the same as those used by churches and denominations. Whether or not one qualifies as a minister for tax purposes is a very...Read More
Ministers have a dual tax status. For federal income taxes they ordinarily are employees, but for Social Security they are self-employed with regard to services performed in the exercise of ministry. These two rules are summarized...Read More
Any tax professional with an IRS Preparer Tax Identification Number (PTIN) is authorized to prepare federal tax returns. However, tax professionals have differing levels of skills, education and expertise. An important difference in...Read More
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