The IRS has announced that the April 15 tax deadline for individuals filing taxes for 2020 has been postponed to May 17. This is because of continuing problems related to the pandemic. The delay, however, does not apply to the deadline for self-employment (SE) tax, which most ministers pay, and remains due on April 15 for the first quarter of 2021.
For ministers who need assistance in preparation of their taxes, Pensions and Benefits USA has resources to help. The ECFA’s 2021 Minister’s Tax & Financial Guide is a comprehensive handbook of clergy-related financial information. Topics range from planning for retirement and computing self-employment tax, to how to complete federal taxes and schedules for 2020.
Church treasurers can find assistance on topics like IRS filings, compensation planning, and even the CARES Act with the ECFA’s 2021 Church & Nonprofit Tax & Financial Guide.
Similarly, P&B has a series of Memos to assist pastors and church treasurers with questions about ministerial housing and compensation, self-employment taxes, and more.
All of tools are free and available now at pbusa.org. Beyond this, if you as a minister or treasurer have questions about clergy or church financial matters, such as the 403(b) Retirement Savings Plan, taxation, compensation, or life insurance, we’re here to help. Just phone 888-888-4656 or email firstname.lastname@example.org.
For more on the postponement of the tax filing day, visit this link.