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Church Finance Today

September 2018
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Feature Article

Tax Rules for Gifts of Personal Property

Tax Rules for Gifts of Personal Property Subscriber access only

Churches and their donors need to understand how to substantiate gifts— from cars to clothing.

Articles

Responding to the Elimination of the Business Expense Deduction

Responding to the Elimination of the Business Expense Deduction Subscriber access only

This tax reform change might mean it’s time to start an accountable reimbursement plan.
Tax Calendar

Tax Calendar

Important deadlines for churches and ministers

Semiweekly requirements, September/October 2018

If your church reported withheld taxes of more than $50,000 during the most recent lookback period (for 2018 the lookback period is July 1, 2016, through ...

Monthly requirements, September/October 2018

If your church reported withheld taxes of $50,000 or less during the most recent lookback period (for 2018 the lookback period is July 1, 2016, through ...

September 15, 2018

  • Ministers (who have not elected voluntary withholding) and self-employed workers must file their third quarterly estimated federal tax payment for 2018 by this date (a similar rule applies in many states to payments of estimated state taxes). Nonminister employees of churches that filed a timely Form 8274 (waiving the church’s obligation to withhold and pay FICA taxes) are treated as self-employed for Social Security, and as a result are subject to the estimated tax deadlines with respect to their self-employment (Social Security) taxes unless they ask their employing church to withhold an additional amount of income taxes from each paycheck (use a new Form W-4 to make this request) that will be sufficient to cover self-employment taxes.
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Record Keeping

Record Keeping  Subscriber access only

Learn best practices for protecting confidential documents.
Politics and the Church

Politics and the Church Subscriber access only

Tax and legal guidelines faith-based organizations need to know before jumping into the political fray.