Year-end Checklist (2021)
As 2021 comes to a close, review these important items to ensure none of them fall through the crack.
Churches can save $1000 every year by purchasing Quickbooks Online through Techsoup.org.
What is Techsoup? Large companies like Zoom, Adobe, and Intuit (the makers of Quickbooks and Quickbooks Online) offer non-profits discounted and sometimes free software subscriptions as part of their philanthropic goals. Churches who have registered with the IRS and received a 501c3 determination letter are eligible for these software discounts. To ensure their donations are…
Housing Allowances
The clergy housing allowance provides a way for licensed, commissioned, or ordained ministers to exclude a portion of their income from federal tax requirements (but not self-employment taxes). Each year, clergy should be given the opportunity to update their housing allowance amounts for the following calendar year. Requests must be approved by the governing body…
Employee Retention Tax Credit (ERTC)
The Employee Retention Credit is a valuable tax credit available for time periods from March 13, 2020 to December 31, 2021 for qualifying organizations – and it can be claimed retroactively. Because this credit is claimed on a payroll tax form rather than a year-end tax return, organizations that do not file a tax return,…