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
Churches sometimes collect “love offerings” from the congregation for a pastor to honor and bless the individual for their service to the church. When the collected funds are given to the pastor, they must be reported as taxable income. If the recipient is an...
by Ryan Foust | Apr 3, 2012 | Accounting, Economy, Tax
The minutes from the March 13th Federal Open Market Committee (FOMC) meeting were released today, and the idea of a fourth round of asset purchases (a.k.a. quantitative easing) seems to be no more than a remote possibility. The FOMC is the policy making committee of...
by Ryan Foust | Apr 3, 2012 | Accounting, Economy, Tax
New studies highlighted in a New York Times article today show that “…the recent recession may have brought about an enduring shift in the geography of American growth.” It goes on to say that, “Various kinds of economic activity, including...
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...
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