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The Church Finance & Minister Tax Podcast- Church finances, Minister Taxes, Minister payroll, IRS Compliance
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Ep 83 ~ The 3 Most Common Mistakes Churches Make with Form 1099
Manage episode 446342356 series 3453775
Contenu fourni par Michelle R Brown, EA, Christian Business Mentor, Enrolled Agent, Michelle R Brown, EA, Christian Business Mentor, and Enrolled Agent. Tout le contenu du podcast, y compris les épisodes, les graphiques et les descriptions de podcast, est téléchargé et fourni directement par Michelle R Brown, EA, Christian Business Mentor, Enrolled Agent, Michelle R Brown, EA, Christian Business Mentor, and Enrolled Agent ou son partenaire de plateforme de podcast. Si vous pensez que quelqu'un utilise votre œuvre protégée sans votre autorisation, vous pouvez suivre le processus décrit ici https://fr.player.fm/legal.
The three most common mistakes churches make with 1099 forms are:
- Misclassifying Employees as Independent Contractors: Churches often incorrectly classify workers (e.g., ministers, musicians, or administrative staff) as independent contractors when they should be treated as employees. This can result in tax penalties for the church and confusion for the worker about their tax obligations.
- Failing to Issue 1099-NEC for Eligible Workers: Churches sometimes neglect to issue 1099-NEC forms to individuals or businesses paid $600 or more in a year for services. This oversight can lead to fines for failure to file the required forms with the IRS.
- Incorrectly Filling Out 1099 Forms: Common mistakes include entering wrong taxpayer identification numbers (TINs), misreporting payment amounts, or filing forms late. These errors can result in penalties and additional scrutiny from the IRS.
To hear more and to learn what mistakes have to be fixed, take a listen to today's episode.
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https://my.linkpod.site/MBrownEADisclaimer: The information provided in the Church Finance and Minister Tax podcast is for general informational purposes only and is not intended as legal advice. The content discussed is based on personal opinions, experiences, and research performed and should not be considered a substitute for professional legal advice. Always consult with a qualified attorney or legal expert for advice regarding your specific situation. The host and guests of this podcast are not responsible for any actions taken based on the information provided.
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