Pulpit & Pew Finances - Consulting faith ministry of Cornerstone Baptist Church
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Due Dates changed for some forms

Please note some date changes related to annual tax form filings -
Due somewhat to the desire to inhibit tax fraud activities, the Federal W-2's & W-3 filings are due by January 31, 2017,  This is the same day they are to be provided to employees.  [There used to be a month after employees received forms that the filings with the government were due - used to be end of February.]

This is also true for the 2016 IT 3 filings, along with copies of the W-2's for the State of Ohio.

Greetings near end of year 2016

I would like to wish a Happy Thanksgiving and a Merry Christmas to the many who have allowed me to be of help to you over the past seven years.  I count it a privilege from God to be able to offer this ministry of helps to small/medium sized independent Baptist churches.

I am currently booking meetings for the first half of 2017.  If you would like, or need me to be of service to you, please contact me to set up time in my schedule.  If any would be able to consider setting up a monthly support arrangement, I would greatly appreciate it, and would be a continual resource to you in financial areas of your ministry, and even a conduit for legal questions that I can direct to legal services I work with for the benefit of churches.

NEW TAX ON HEALTHCARE

IMPORTANT TAX ITEM FOR PASTORS TO KNOW...
For the entire year of 2016, any amounts that your church is able to pay to help with your health needs - insurance premiums, or payments to shared medical plans, or medicines or health care costs reimbursed to you - is now TAXABLE to you in that year.  This is a change from many years before, due to ACA and IRS changes affecting small businesses and CHURCHES.

And if you are in Social Security, the total tax rate for you could be up to 25%. So, for example, if the church has paid $10,000 of health benefits for you, you are now facing up to a $2,500 tax bill that will be new for you.

Mostly personal note

On a mostly personal note, just updating those who check on my blog about a couple personal items.  My wife, Kay, is finishing up in March the year-long surgery, chemo, radiation and more for cancer.  The latest report from tests is that she seems to be clear of cancer going forward.  We praise the Lord for His directions through this entire time and the working in her physically.

Second note - I had some partial knee replacement surgery in early January, and have completed the allowed therapy to restore range of motion.

Year-end 2015

As we approach year-end 2015, I wanted to update and report on a few things.

Thank you to so many that have prayed for my wife this year as she had surgery, then chemo, and then radiation to treat cancer.  She currently has good blood numbers, and we are trusting that God is seeing fit to direct a recovery for her.

Next, I wish all of the readers of this a very Merry Christmas and Happy New Year.  To be blessed, you indeed must truly know Jesus Christ as your personal Saviour by faith.  If you have never done this, please take care of that.

JULY 1, 2015 CHANGE

The ACA (Affordable Care Act)(Obamacare) has another impact on Pastors in 2015.
Many of you have previously (for 2014) had to go to the government exchange to get some insurance coverage, quite often subsidized by the government, based upon the income estimate you used when signing up for it.  As a result, many have coverage (not necessarily care) for less that $200/month, and probably have a fairly high out-of-pocket deductible.  Before telling you what is new as of July 1, 2015, let me comment here on some things to be aware of related  to this 2014 procedure that many entered into to avoid paying penalties on your tax returns.

Posting again

With apologies, this is the first blog posting of 2015.
About a month after my last posting of 2014, my wife, Kay, was diagnosed with Stage 2 breast cancer.  The subsequent seven month has involved surgeries, chemo treatments, and currently, radiation treatments.  Some aspects of treatments will continue through Feb of 2016.  Her current reports look very good; and we remain quite hopeful that the early find, the good medical people we were directed to, and the procedures underway are all directed by our loving God in His providence toward her healing and recovery.

New Year 2015 notes...

As we wrap up those 2014 things, I wish you all a happy and great New Year 2015!
Couple of reminders for those I have worked with over the past five years of this ministry:

If in payroll system, year-end 941 reports are due by the end of January.  And state filings and reconciliation sheets are also due in January.

W-2's and 1099's (as needed) should be prepared and distributed by Jan 31.  Related W-3/W-2 and 1096/1099 filings are due by February 28.

Those in EFTPS (payment system for federal taxes withheld), try to do these payments by the 15th of the following month.

ACA on 2014 tax returns

Researching the proposed 2014 tax form 1040 [still in draft form at this date], I find that the reporting for the Affordable Care Act aka Obamacare on your tax filing will likely involve answering questions on line 46 and line 61, and any related forms that are used for these lines.  Whether you file your own taxes, or have a preparer do it, most people will have to address matters related to these lines.

Whether this all comes together well is yet unknown.  And if you have employer-provided coverage, there will likely be little to no effect on this year's taxes since the employer mandate has not kicked into effect yet.

Call for Prudent Consideration

I shared the following with those at a legal conference a year ago...and it still applies.

Five years in this ministry to churches, I now believe that nearly any and every Independent Fundamental Baptist Church, Camp, or Missions Agency should take advantage of such services.  There are other throughout the country that do similar services that I offer; so I am not necessarily soliciting for call to me, although I do not discourage that.  Self-promotion is not the goal in this blog today.
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Due Dates changed for some forms
Greetings near end of year 2016
NEW TAX ON HEALTHCARE
Mostly personal note
Year-end 2015

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