fbpx

Treasurers, Administrators, Financial Secretaries: Four Important Things to Know

tax paper work
Facebook
Twitter
Email
Print

FIRST: The IRS business mileage rate is 58 cents per mile for 2021.

SECOND: There are three new IRS forms:

W-4 – new form to work with the doubled standard deduction, child credit and lack of deductions for most Americans (new last year, but we need to use it this year). It is easier than last year, but there is a critical step which – if done incorrectly – could cause the employee to seriously “under withhold.”
941 – added lines for new FMLA, credits for keeping employees on the job, etc.
1099-NEC – Non-Employee Compensation. Do not use a 1099-MISC.

THIRD: Ministers are employees for federal purposes, so business expense must be an accountable reimbursement plan else the money is taxable.

FOURTH: There are new DOL regulations concerning non-minister employees that they must make at least $35,568 to remain exempt.

A common church example would be a daycare director. Ministers are still exempt even if they do not earn that much.

The January Church Tax Workshops will be by Zoom this year and will be two hours in length each.

You may ask any question at any time, but we will emphasize different things at different meetings.

The different emphases will be IRS forms and deadlines, “What is Taxable?”, special tax rules about ministers as well as housing allowance and contribution rules.

Watch for the dates to be announced soon. For more information, please contact State Missionary Lee Wright, lwright@alsbom.org, (334) 613-2241.

More to Explore

SBOM’s Eileen Mitchell Retires

Eileen Mitchell was the youngest of all the grandchildren in her family, and she used to love to sit with her granddaddy

Reaching One Is a Blessing

During my first semester as a campus minister, I have faced many challenges. COVID-19 has been a challenge for all ministries, especially

Receive New Post Notifications

Share this post with your friends

Share on facebook
Share on twitter
Share on linkedin
Share on print
Share on email

Sign Up For Emails From Us!

Subscribe to receive ministry notifications, updates, and news.