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 | Sep 11, 2012 | Tax
Per its own website, the Taxpayer Advocate Service (TAS) is an independent organization within the IRS that exists to help taxpayers resolve problems with the IRS and recommend changes that will prevent future problems. TAS is designed to be a “safety...
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 | 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 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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