Changes To Your Credit Score
A low credit score can have significant consequences. It determines the interest rates on your credit cards and loans, how much you pay for insurance and can also impact your ability to open a bank account. You should review your credit report several times per year to make sure that there no errors that could […]
Tax Season Is Here!
The IRS increased the reimbursement mileage rate from $0.56 to $0.585 per mile in 2022. Medical mileage rates increased from $0.16 to $0.18 and charitable mileage remained the same at $0.14 per mile. The last couple of years have been challenging if you have needed to get in touch with the Internal Revenue Service to […]
Advanced Child Tax Credits
If you have children under the age of seventeen, you likely received monthly payments from the IRS from July through December 2021. You will also be receiving letter 6419 (2021 advanced Child Tax Credit (CTC)) from the IRS in late December 2021 or January 2022. You will need this letter to file your 2021 tax […]
Tax Changes For 2022
Here is a summary of tax changes for 2022: The standard deduction for married filing jointly will be $25,900; single & married filing separately (MFJ) = $12,950, head of household = $19,400. Tax rates: 10 percent for single individuals with income $10,275 or less ($20,550 for MFJ). 12 percent for income over $10,275 ($20,500 for […]
Worth Noting
We recently attended a conference on church tax and legal issues. Here are a few take-aways worth noting: The IRS and the Department of Labor have recently hired more staff to review and enforce employment law violations. Contract labor is (and always has been) an area that they pay special attention to. If you issue […]
Employee Retention Credit
Initially, the AICPA was not sure if churches qualified for the ERC, thus we waited until further guidance was released before recommending that churches apply. If you experienced a significant decline in gross receipts (more than 50%, per quarter) or fully or partially suspended any significant part of operations due to a government mandate (including […]
Now Is The Time
This is a great time of year to spend some extra time on church finances. Things are slowing down after all the camp meetings, and the busy holiday season is still two months away. The year is also far enough along to be able to project how it may end. If you have bank covenants […]
Are You Protected?
Despite the interruptions to business as usual over the last eighteen months, it is still critical that churches maintain policies and procedures that assure a proper level of control over church assets, especially cash. Proper controls protect both the church from theft and the staff and volunteers from any false allegations of wrongdoing. It is […]
Free Credit Reports
You can check your credit report for free annually (once for each of the three major credit reporting agencies). However, due to the pandemic, you are now able to obtain a free report weekly until April 20, 2022. To request your free credit report, go to AnnualCreditReport.com. You will have to provide some personal information […]
Bitcoin, Ethereum and Dogecoin….Oh My!
Every day new reports come out about the pro’s and con’s of crypto currency. The accessibility to purchase virtual currency is now easier than ever with apps such as Robinhood. While we will not discuss whether one should “invest” in the latest coin being mined, there are tax consequences to be aware of if you […]