Category Archives: 03 – March 2014

Church Loan Rates as Low as 6.75%

Beginning in 2011, the Church Loan Fund started offering church loans to Church of God congregations across the United States. The Church Loan Fund is run by the knowledgeable loan staff that previously managed the loan portfolio for the Ministers’ … Continue reading

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Requesting an Extension to File Your Taxes

Since 2006, the Internal Revenue Service has made it easier for you to get a six month extension on filing your individual tax return. In previous years, you could file an IRS Form 4868 and get an automatic extension of … Continue reading

Posted in 03 - March 2014, Form W-2, Internal Revenue Service, Tax Information | Leave a comment

Paying Your Taxes

Do you owe taxes this year? When paying your taxes to the government, make sure that you do not make your check payable to the Internal Revenue Service. Instead, your check should be made payable to the United States Treasury. … Continue reading

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Audit Tips

Your chances of being audited by the Internal Revenue Service are going up, but only slightly. It is helpful to look at a historical perspective to have a better understanding. For example, in 2001 the IRS audited 732,000 individual returns … Continue reading

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Accounting for Losses

For those who participate in the Benefits Board’s equity (stock) accounts, you may suffer a loss in any particular year – although that was certainly not the case in 2013!!. We are sometimes asked if you can claim, or deduct, … Continue reading

Posted in 03 - March 2014, Investments, Retirement Contributions | Leave a comment

Refund? Probably!!

While you as a taxpayer would be better off to lower your withholdings rather than giving the government the equivalent of an interest free loan, many over-withhold as a forced “savings plan.” Others over-withhold out of sheer fear of the … Continue reading

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Home Office Deduction vs. Ministerial Housing Allowance

Many ministers have an office in their home. For the costs of a home office to be deductible as a business expense for a taxpayer on his or her tax return, the office must be used exclusively and regularly in … Continue reading

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Gifts Designated for Pastor

Responding to an inquiry by a constituent of U.S. Senator Johnny Isakson (D-GA), the Internal Revenue Service in 2009 addressed the tax consequences of a church member’s contribution to his local church when the donor designated the contribution to help … Continue reading

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NEW TAX DEVELOPMENT – NO Pre-Tax Reimbursement of Certain Health Insurance Policies

While most churches thought that they were exempt from the major impacts of the Affordable Care Act (often called “ACA” or “ObamaCare”), a seemingly innocuous Internal Revenue Service notice, issued in September 2013, is now being interpreted to place many … Continue reading

Posted in 03 - March 2014, Health Care, Pay Roll Taxes, Tax Information | Leave a comment

IRS Form 8822-B – ALL Churches MUST File

Every church is required to have an Employer Identification Number (EIN) to open a bank account, put on IRS Form W-2 for their pastor and employees, and to transact other business. To get an EIN number for the church, assuming … Continue reading

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