We often get questions regarding the tax deduction of personal days that are part of a business trip. In order to deduct all travel expenses, you must spend 50% of… Click To Read More "Business Travel"
In December, Congress passed a law that allows small employers to once again reimburse an individual for health insurance premiums without incurring a $100-per-day penalty. To qualify, the church must… Click To Read More "Health Insurance Reimbursements"
There has been a lot in the news lately regarding minimum wages and new overtime rules. Churches need to be aware of these changes, and make sure that they are… Click To Read More "Employee Wages"
One of the most important roles of accounting is to keep data safe. This is especially true regarding payroll information, W-9 and 1099 forms that have social security numbers on… Click To Read More "How Secure are Your Files?"
Ideally, a church will have an annual budget and will monitor the actual monthly income and expenses compared to the budget to make sure they are on track. This allows… Click To Read More "Financial Checkup"
Previously we discussed what assets should be included in the “Fixed Asset” section of the balance sheet. Properly recording the assets results in a stronger balance sheet and also moves… Click To Read More "Church Balance Sheet (Part 2)"
Statistically, younger generations do not give to churches like their parents and grandparents. However, a recent study by the Lilly Family School of Philanthropy on how giving is cultivated within… Click To Read More "Teach Your Children to Give"
When we are engaged to work with a church, it is often to help prepare the financials to present to a bank for a loan request. One area that usually… Click To Read More "Church Balance Sheet"
Continuing our discussion from last month, the following are some financial metrics and reports to consider using for your church: Tithes and offerings per average attendee. This is best done… Click To Read More "How Do You Measure Up?"
How Do You Measure Up?
I recently read an article on the benefits of financial metrics that every CEO should pay attention to. Some call them KPI’s (key performance indicators). The benefits are the same… Click To Read More "How Do You Measure Up?"
Employee Benefits
This is usually the time of year (tax season) when we are asked what types of benefits that a church can provide to employees that are tax free. Common benefits… Click To Read More "Employee Benefits"
Identity Theft and the IRS
You have probably read about or know someone who has experienced identity theft. Often, someone’s social security number is used to file a fraudulent tax return. Then when the victim… Click To Read More "Identity Theft and the IRS"