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Getting the taxman out of your retirement — Part 1

taxes, umemployment filing payment, retirement

One of the most overlooked, but perhaps most important, aspects of income planning is taxes and how they relate to retirement and Social Security. Taxation on Social Security benefits works differently than ...

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IRS backlog affects churches, ministries, leaving donors in the dark

irs donors

As the filing deadline nears, the U.S. Internal Revenue Service continues to experience delays in processing last year’s tax returns. Millions of tax returns and filings are still backlogged, including those in ...

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Retirement: The 401(k) / IRA IQ Quiz

retirement accounts rates

When it comes to giving during retirement, there is one place that many are likely giving far more than they should: the Internal Revenue Service. As we’ve pointed out in previous articles ...

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IRS blames delays on pandemic but snooping in your PayPal account may be real reason

irs delays

Taxpayers can expect frustration and long delays Treasury Department officials warned on Monday, blaming it on the pandemic and low staffing levels. But economists say the real reason is the new Democrat ...

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VP Kamala Harris church video violates IRS rules

harris irs

CNN reports that Vice President Kamala Harris will be featured in a partisan Democrat campaign video distributed to churches just before an important election. The message, which is against IRS regulations, urges ...

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Missouri won’t comply with Democrat’s bank snooping plan

missouri bank

If the Democrat-controlled Congress enacts invasive new bank financial reporting rules, Missouri Treasurer Scott Fitzpatrick will not comply. The proposal being pushed by the Biden administration requires financial institutions to report information ...

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The government wants banks to share how you spend your money

government banking

In May, the Treasury Department released the Biden administration’s revenue proposals for fiscal year 2022. One aspect of this document that has gone under-reported is the administration’s new plan for reporting requirements for ...

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IRS backs down, gives prayer ministry tax-exempt status

irs prayer tax exempt irs

The IRS is backtracking after initially denying tax-exempt status to a Texas prayer organization. Stephen K. Martin, director of exempt organization rulings and agreements, had earlier cited a claim that prayer and ...

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Republicans question growing IRS attacks on Christian non-profits

irs prayer tax exempt irs

Religious rights groups are being joined by Congressional Republicans questioning growing attacks by the IRS against Christian non-profits and churches. The criticisms come after a Texas prayer group was denied tax-exempt status ...

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IRS denies tax exempt status saying prayer benefits ‘interests of Republican Party’

irs prayer tax exempt irs

In what could be a new crackdown on religious freedom by the Biden administration, the IRS has denied tax-exempt status to a Texas group that encourages church members to pray for state ...

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Tips to help taxpayers avoid post-disaster scams

tax scams

The IRS is reminding taxpayers that criminals and scammers often try to take advantage of generous taxpayers who want to help disaster victims. Everyone should be vigilant. These scams often pop up ...

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Local Catholic bishop criticized for letter encouraging pro-life voting

Bishop James V. Johnston Jr. of the Kansas City-St. Joseph Diocese is under fire for a letter he wrote encouraging Catholics to vote for pro-life candidates. The letter does not explicitly tell ...

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Unemployment compensation is taxable; Have tax withheld now and avoid a tax-time surprise

taxes, umemployment filing payment, retirement

With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service is reminding people receiving unemployment compensation that they can have tax withheld ...

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Major probe into Falwell Jr. family under way as investigation discovers deep web of financial gain

falwell family

In an on-going investigation, the Reuters news agency has learned that the entire Falwell family may have profited from their association with Liberty University. The investigation’s goal is to sort out and ...

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IRS announces rollover relief for RMDs from retirement accounts that were waived under the CARES Act

retirement

The Internal Revenue Service announced that anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back into a ...

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Use IRS non-filers tool to get Economic Impact Payment; many low-income, homeless qualify

Economic Impact Payment

The Internal Revenue Service is reminding low-income Americans to use the free, online tool Non-Filers: Enter Payment Info to quickly and easily register to receive their Economic Impact Payment. “The IRS is working ...

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Your taxes: Tax Day is now July 15, 2020

taxes, umemployment filing payment, retirement

Because of the COVID-19 pandemic, you will now have more time to file and pay your state and federal taxes. Both the IRS and state revenue departments have extended the DUE DATE ...

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The new $15.7 billion tax on retirement accounts

retirement

We have a saying around our office that retirees are one of the highest and most unfairly taxed groups out there and with the recent passage of the SECURE Act things are ...

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Don’t be victim to ‘ghost’ tax return preparers

tax scams

With the start of the 2020 tax filing season near, the Internal Revenue Service is reminding taxpayers to avoid unethical “ghost” tax return preparers. According to the IRS, a ghost preparer does ...

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Get ready for taxes: Important things to know about refunds

  As tax filing season approaches, the Internal Revenue Service cautions taxpayers not to rely on receiving their refunds by a certain date, especially when making major purchases or paying bills. Some ...

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Need to amend a tax return? Here’s what you should know

Taxpayers may discover an error after filing their taxes. They shouldn’t panic, they just need to correct it by filing an amended tax return. Here are some common reasons to file an ...

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Do you need help with your IRS problem?

The first IRS problem would be if you have not filed tax returns for several years.  After 3 years, the taxpayer will not get his refund if one is due him. The ...

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Beto O’Rourke’s plan to destroy churches

beto

Has Francis “Beto” O’Rourke leaked his plan to force churches to accept gay marriage? With seven words—“It is going to be an issue”—the U.S. government signaled to orthodox Christians that if they ...

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What are Enrolled Agents and how can they help you?

Enrolled Agents are tax professionals licensed to represent taxpayers before the IRS.  The Enrolled Agent designation dates back to 1884, when many taxpayers were victimized by unscrupulous representatives when claiming losses in ...

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Can the church participate in political debate?

A public debate has started concerning the Kansas Supreme Court, who recently found the right to an abortion in the Kansas State Constitution. Is the church legally restricted from participating in the ...

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