by churchshie | Jan 25, 2013 | Accounting, Economy, Healthcare
We get asked this question a good amount as the law goes into effect less than a year from now. The very first place we go to answer that question is to determine if the ministry is a “Large Employer” and therefore, likely subject to the law. To be considered a...
by churchshie | Dec 12, 2012 | Accounting, Tax
As the end of the year approaches, don’t forget that 1099’s are due January 31st. Our accounting department uses December to review which vendors our clients are missing W-9’s for so that we can get them collected them prior to the deadline. The penalty for not...
by churchshie | Nov 26, 2012 | Accounting, Tax
The standard mileage rate will increase 1 cent per mile on January 1, 2013 to 56.5 cents per mile. Medical and moving rates will also increase 1 center per mile to 24 cents per miles. The per mile rate for charitable purposes, which is set by statute, will remain 14...
by churchshie | Aug 3, 2012 | Accounting, Tax
The recognition of volunteer labor as non-cash revenue is dictated by FASB ASC 958-605-25-16, Contributed Services. This standard dictates that if the services (a) create or enhance non-financial assets or (b) require specialized skills, are performed by people with...
by churchshie | Jul 11, 2012 | Accounting, Congress, Economy, Healthcare, Tax
One of the main provisions from the Patient Protection and Affordable Care Act (A.K.A. the healthcare bill, Obamacare) that will affect churches and ministries the most is the tax credit for eligible small businesses and small tax exempt organizations. The credit will...
by churchshie | 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...
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