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Preparing 4th Quarter 941 Payroll Tax Return Forms for Churches

As the year comes to an end, the 4th quarter payroll tax return gets added to your lengthy year-end “to do” list. In this video, I walk through 6 steps for reviewing and preparing your 4th Quarter 941 forms.

Reminder: Church payroll is NOT like business payroll. There are special rules that apply to churches and pastors.
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RESOURCES

Printable PDF for this video: https://www.cpachurch.com/s/Preparing...

IRS Publications:
Publication 15 Circular E: https://www.irs.gov/pub/irs-pdf/p15.pdf
Publication 15 A: https://www.irs.gov/pub/irs-pdf/p15a.pdf
Publication 15 B: https://www.irs.gov/pub/irs-pdf/p15b.pdf

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Questions or need help? Contact Kathy!

217-877-6766
[email protected]
website: https://www.cpachurch.com/

🔔 Subscribe for more PowerChurch tutorials, church accounting training, and fund accounting tips from Kathy’s Korner.
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ABOUT ME:

Welcome to Kathy’s Korner!

Hi, I’m Kathy Holt. I am a trainer and partner at Stewardship Resources, LLC. I specialize in church accounting and work with church leaders on church financial management and growth. I also train and support church bookkeepers in fund accounting and software setup. I am an authorized teaching consultant for PowerChurch Plus Church Accounting Software and a QuickBooks ProAdvisor.

I hope this video helps you. Thanks for joining me! God bless and have a fantastic day!
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This video contains information about churches and tax matters. This information is general in nature and does not consider your organization's specific circumstances. This information should not be treated as an alternative to taxation advice from an appropriately qualified professional.

#PowerChurch #ChurchAccounting #FundAccounting #PowerChurchPlus #ChurchBookkeeping #AccountingTips #NonprofitAccounting #PowerChurchTraining

CHAPTERS
00:00 Intro
00:14 What I cover in this video
00:36 Forms & Year-End To-Do List
01:28 Review Amounts
02:20 IMPORTANT REMINDER: CHURCH & CLERGY PAYROLL
04:59 Step 1: Review Taxable Income
05:21 Resources for Common Taxable Fringe Benefits
05:38 Review Taxable Income Cont.
05:50 Amended Return for Previous Quarters
06:23 Step 2: Payroll Item Summary Report
08:40 Church and clergy payroll is specialized
09:03 Step 3: How payroll items flow to the 941
09:57 Step 4: Needed Calculation Totals
10:30 Step 5: Use Calculations to confirm correct amounts
11:09 Step 6: Review amounts showing on the 941 return
13:27 Don’t forget – review before printing
14:26 Stewardship Resources can help you
14:54 Recap
15:22 Next video: preparing W-2 and W-3 forms
15:52 God bless!