taxes Tag

The 2019 version of Form W-4, Employee’s Withholding Allowance Certificate, was released by the Internal Revenue Service recently. The 2019 form is similar to the 2018 version of the form now in use and retains the use of withholding allowances. You can access this new...

For qualifying ministers, the housing allowance is an invaluable tax benefit—in fact, according to attorney and Church Law & Tax senior editor Richard Hammar, it’s “the most important tax benefit available to ministers.” In October 2017, however, a federal judge in Wisconsin ruled the ministerial housing...

The most important tax benefit available to ministers who own or rent their home is the housing allowance exclusion. To the extent the allowance represents compensation for ministerial services, is used to pay housing expenses, and doesn't exceed the fair rental value of the home, including...

Churches are required to classify each person that is hired as either a secular or clergy employee. This is a very crucial step in the hiring process. Clergy Staff are taxed differently than secular employees and this treatment is mandated by law. It isn’t optional,...

Many employers hire third-party payroll service providers to perform their payroll processing functions and tax-related duties, including making employment tax deposits. Watch Monitoring your outsourced payroll duties on EFTPS to learn about: Using an EFTPS Inquiry PIN to monitor tax deposits The benefits of creating a...

WASHINGTON ― The Internal Revenue Service is reminding employers that the deadline for filing employee Forms W-2, Wage and Tax Statement, for calendar year 2017 is January 31, 2018. This includes Forms W-3, Transmittal of Wage and Tax Statements. In addition, reporting payments to contract workers...

The IRS has announced the following cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for the 2018 tax year [IR 2017-177; Notice 2017-64, 2017-45 IRB ]. Elective deferrals. The limitation on the exclusion for elective deferrals under Code Sec. 402(g)(3) will increase...

The Social Security Administration (SSA) has announced that the maximum earnings subject to Social Security (OASDI) tax will increase from $127,200 to $128,700 in 2018 (an increase of $1,500) [SSA News Release, Social Security Announces 2.0 Percent Benefit Increase for 2018, 10/13/17; SSA Fact Sheet, 2018 Social Security...