Each year, the amount of money stolen from churches exceeds what churches give to missions. Let than sink in. 30% of churches are the victim of fraud/embezzlement each year. Most are never detected and when it is 80% does not get reported to law enforcement. The loss was $39 billion in
Historically, when you have paid $600 or more during a year to a nonemployee, you were required to file Form 1099-MISC (using box 7) by January 31 of the following year. This would include anyone who performed a service (non-employee compensation) for the church (independent contractors, guest speakers, etc.). Beginning in
Parking Tax Repealed - by Delano Sherley In late 2018, we wrote about a new tax that churches had to pay on certain fringe benefits, including parking provided to employees. The law even impacted some churches who had reserved spots for employees in the church parking lot, subject to certain calculations.
The Treasury Department has announced the 2020 limits for retirement accounts: The amount you can contribute to your 401(k), 403(b) or similar retirement plans goes up from $19,000 in 2019 to $19,500 in 2020. The 401(k) catch-up contribution limit—if you’re 50 or older—will be $6,500 for workplace plans, up from $6,000. Those
Starting January 1, 2020 employers can offer a new HRA called the Individual Coverage HRA, or ICHRA. This allows you to reimburse (tax-free) employees’ health care premiums and other medical expenses, up to a dollar limit you choose. You can also offer a regular group health plan to certain employees
New in 2019 is an accounting rule change regarding how leases are recorded on your financial statements. This is especially relevant if you are required (i.e., as a condition of a bank loan) to prepare your financial statements according to GAAP (generally accepted accounting principles). While these statements are typically