by Ryan Foust | Jun 8, 2012 | Tax
A gift which is made to a church but designated for a specific individual is normally not tax-deductible to the donor. The rationale for this rule is that the gift is not intended for the benefit of the church but, rather, for the benefit of an individual. The...
by Ryan Foust | May 29, 2012 | Uncategorized
Just how important are those end of year donor letters and statements that charitable organizations send? Very important, according to the IRS. In a recent case, courts disallowed a charitable contribution deduction for a donor because of a defective donor letter sent...
by Ryan Foust | May 21, 2012 | Uncategorized
At times, churches can receive funds from members of their congregations specifically for a pastor, musician, or another individual to honor and bless them for their service to the church. These funds are often referred to as “love offerings,” and these amounts must...
by Ryan Foust | Feb 16, 2012 | Accounting, Tax
One confusing area of church payroll is how to handle Social Security & Medicare taxes for Ordained/Licensed ministers. Ordained/Licensed ministers are considered to be self-employed when it comes to their income from the church. This means that churches are not...
by Ryan Foust | Feb 8, 2012 | Accounting, Tax
One of the things that have been on the IRS’ radar in recent years is employee mis-classification. Companies are tempted to classify workers as contract labor rather than employees because it saves them money on taxes. Others just simply don’t know the difference...
Recent Comments