Church Finance Today
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- Reduce potential legal liability
- Manage finances and risks
- Comply with IRS requirements
- Clergy and other church staff should complete all year-end transactions to be sure such transactions are reportable on their income tax returns.
- A church must make quarterly estimated tax payments if it expects an unrelated business income tax liability for the year to be $500 or more. Use IRS Form 990-W to figure your estimated taxes. Quarterly estimated tax payments of one-fourth of the total tax liability are due by April 15, June 15, September 15, and December 15, 2017, for churches on a calendar-year basis. Deposit quarterly tax payments electronically using the EFTPS system.
- Churches must designate a portion of each minister’s compensation as a housing allowance by this date in order for ministers who own or rent their homes to receive the full benefit of a housing allowance exclusion for calendar year 2018. The designation should be adopted during a regular or special meeting of the church board, and should be contained in the written minutes of the meeting.
If your church or organization reported withheld taxes of $50,000 or less during the most recent lookback period (for 2017 the lookback period is July ...
If your church or organization reported withheld taxes of more than $50,000 during the most recent lookback period (for 2017 the lookback period is July ...
- Churches having nonminister employees (or one or more ministers who report their federal income taxes as employees and who have elected voluntary withholding) may file their employer’s quarterly federal tax return (Form 941) by this date instead of October 31 if all taxes for the third calendar quarter have been deposited in full and on time.