What to do if you can’t afford to pay

Life is unpredictable, especially during a pandemic. If you weren’t able to pay your return timely for whatever reason, don’t panic. Here are some tips to help: Even if you can’t pay, you should still file your return. There is a penalty for late-filing a return, and it is based on how late the return…

Read More
Paper Filing your Return? Expect to wait longer

The extended tax filing deadline of July 15th has arrived. Due to closed service centers and limited staffing resulting from the pandemic, IRS has severely fallen behind on processing paper returns and answering phones. IRS says that they are processing paper returns in the order they are being received, but that still doesn’t help the…

Read More
One Week to Filing Deadline

The 1040 filing deadline is one week away. If you still have not filed or started gathering your information, there are two big things you can do to make your life easier down the road. First, file an extension. Your return deadline can be extended to October 15th, 2020, but only if you ask. You…

Read More
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…

Read More
Five Quick Return Double-Checks

Are you getting ready to file your 1040 return by the July 15th deadline? Here are five quick things to double-check before submitting your return. Double check your name and Social Security number. Though it may seem common sense, this is especially important for people who have changed their name during the year or for…

Read More
Can I refuse to take my salary?

In difficult economic times, Churches must make tough decisions about what bills they can afford. Sometimes Ministers refuse their salary in order help the Church. If you refuse to take your full salary for the year, do you still need to report it as taxable income? The answer, like all good tax questions, is “it…

Read More
Is It Time for A New Clergy Tax Advisor?

Selecting a tax advisor or accounting firm may seem easy at first. There are two types of professional services within our industry. The first type is called a “Generalist”, which prepares any and all returns for the public at large. They may have a limited number of clergy returns or none at all.  They do…

Read More
Extension Effects on IRA Contributions and Estimated Payments

In addition to changing the filing and payment deadlines for your 1040, the new extensions also impact IRA contributions and estimated payments. Normally for IRA contributions, you can claim credit for contributions made before the April 15th filing due date. For example, if you paid $500 into an IRA on March 21st of 2020, you…

Read More
IRS issues guidance on filing and paying extensions

Last week it was announced during a press conference that IRS would be extending the deadline for 1040 filings and providing some relief on payments. This week the IRS issued written guidance explaining what that means to taxpayers. The due date for all 1040 returns has been automatically extended from April 15th to July 15th….

Read More
Less than 1 Month to 1040 Filing Deadline!

Barring any last-minute changes, 1040 returns will be due April 15th. If you still need to turn in your documents, here are five quick tips to make things easier for your tax preparer: If a document does not have your name on it, write your name on it! Your preparer is probably receiving a mountain…

Read More
Request Information

Complete the request form and a clergy tax, payroll or HR advisor will contact you

Click Here