Church Finance Today
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- Comply with IRS requirements
Now is a good time to review the 2019 housing or parsonage allowances designated for all ministers on staff. If an allowance designated for 2019 is clearly ...
- An annual information return (Form 990) for tax-exempt organizations is due by this date for 2018. Form 990 summarizes revenue, expenses, and services rendered. Organizations exempt from federal income tax under section 501(c)(3) of the Internal Revenue Code must report additional information on Schedule A. Churches, conventions and associations of churches, “integrated auxiliaries” of churches, and church-affiliated elementary and secondary schools are among the organizations that are exempt from this reporting requirement. Organizations not exempt from this reporting requirement must file the Form 990 if they normally have annual gross receipts of $25,000 or more.
Churches having nonminister employees (or one or more ministers who report their federal income taxes as employees and who have elected voluntary withholding) ...