YEAR END TAX TIPS - DECEMBER 2014

4TH Quarter Estimated Tax Payments are due January 15, 2015   2014 Gifts to Charity must be postmarked or made online by 12/31/14. Gifts charged to a bank or financial institution credit card are counted on the date they are charged.…

COURT DECISION ON HOUSING ALLOWANCE

On November 13, 2014, the U.S. Court of Appeals for the Seventh Circuit reversed the decision of the U.S. District Court for the Western District of Wisconsin in the case Freedom from Religion Foundation (FFRF) v. Lew. The Court of Appeals…

Tax News You Can Use - Fall 2014

Be reminded that 3rd Quarter Estimated Tax payments are due Friday, September 15. If you have had a significant change in income due to retirement or a move, it may be necessary to make adjustments in your estimated payments for the remainder…

COURT CHALLENGE TO THE CLERGY HOUSING ALLOWANCE EXCLUSION

On Nov. 22, 2013, a federal district court judge in Wisconson struck down the ministerial housing allowance as an unconstitutional preference for religion. The exemption for the fair rental value of a parsonage provided by the church was not…

'Tis the season for giving!

Many clergy are very generous givers, and the IRS often target clergy for audit because of the high level of donations. The IRS requires that you be able to substantiate your donations. Be sure you can stand up to audit by following these guidelines: Cash…

Tax News you can use - Fall 2013

    September 16, 2013 is the deadline for third quarter estimated tax payments. 2012 Individual Returns on Extension must be filed by October 15, 2013. According to a recent Tax Court ruling (Rogers, TC Memo. 2013-177),…