Delano Sherley Local income taxes Many cities impose a local income tax that is based upon where a person either lives or works. How these taxes are calculated varies from… Click To Read More "Issue 31-4 – Columnist Forum – Delano Sherley – Local Income Taxes"
2021 Trends A recent article listed the following trends emerging in 2021: many in ministry will move from full-time to bi-vocational status. There will be more baby boomers than children… Click To Read More "Issue 31-3 – Columnist Forum – Delano Sherley – 2021 Trends"
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… Click To Read More "Fraud"
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… Click To Read More "Form 1099-NEC or Form 1099-MISC"
Tax Law Changes Here are changes to the tax code that were part of the CARES Act: If you were impacted by Covid-19 you can make an early withdrawal from a… Click To Read More "Delano Sherley – Tax Law Changes"
Still The Same Much has been written regarding the CARES Act and the PPP loan & EIDL programs. I have updated the original summary of these programs on our website… Click To Read More "Delano Sherley – Still The Same"
Tax Refunds 75% of Americans received a refund last year, with an average refund of $2,881. You’ve heard it before but let me remind you – getting a refund is… Click To Read More "Delano Sherley – Tax Refunds"
Parking Tax Repealed – by Delano Sherley In late 2018, we wrote about a new tax that churches had to pay on certain fringe benefits, including parking provided to employees.… Click To Read More "Parking Tax Repealed – Delano Sherley"
The IHS has released the new mileage reimbursement rates for 2020. For business related travel, the new rate is $0.575 per mile (down from $0.58 last year). Driving for medical… Click To Read More "Delano Sherley – 2020 Mileage Rates and HSA Limits"
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… Click To Read More "Delano Sherley – 2020 Retirement Contribution Limits"
Tax scams run year-round. You may receive a telephone call claiming to be someone from the IRS. The call usually includes a threat that the police are on their way… Click To Read More "Delano Sherley – Tax Scams"
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… Click To Read More "Delano Sherley – Health Insurance Update"