Donation of public traded securities
To facilitate the donation of publicly traded securities to your church, the process involves several steps to ensure compliance with IRS regulations and maximize the donors’ tax benefits. Here’s a guide on how to handle such a donation: Establish a Brokerage Account for the Church Open an Account: The church should set up a brokerage…
IRS warns taxpayers of charity scams following recent hurricanes
In the aftermath of Hurricanes Milton and Helene, the Internal Revenue Service today cautioned taxpayers of scammers who use fake charities to gather sensitive personal and financial data from unsuspecting donors. IRS Article Scammers commonly set up fake charities to take advantage of peoples’ generosity during natural disasters and other tragic events. “Many people want…
Organizer Help – Page 8
Church Meal Expense Reimbursement Guidelines All meal expenses for church pastors and staff should not automatically be reimbursed. The reimbursement of meal expenses must comply with specific IRS guidelines to ensure they are deductible and not considered taxable income. Here are the key considerations: Business Connection: The meal expenses must have a direct business connection….
Proactive Steps To Protect Yourselves From Tax-Related Identity Theft
Here are some proactive steps you can take to protect yourselves from tax-related identity theft after your Social Security numbers are exposed: Monitor your credit reports: Regularly review your credit reports from all three major credit bureaus (Equifax, Experian, and TransUnion) for any unauthorized activity. You can access your free annual credit reports at AnnualCreditReport.com….
Do we need to write a termination letter?
Do we need to write a termination letter? There is no federal requirement for churches to provide written notice about why someone is being terminated, but we do recommend providing written notice as best practice. This reduces the likelihood of the terminated employee spinning up their own (possibly illegal) reason for the termination and then…
Impropriety Policies
Impropriety Policies A true story that is every church leader’s worst nightmare: It was a weekday, and the police had just left the church office. The officers showed up unannounced and informed the staff that their visit was for the purpose of investigating an allegation of abuse in a children’s classroom from the previous Sunday….
Can self-employed ministers deduct commuting mileage?
Can self-employed ministers deduct commuting mileage? Travel can be one of the most problematic areas for many of your self-employed ministers. The crux of the matter is defining when a drive is a commute and when it’s a deductible travel expense. This definition depends crucially on the minister’s principal place of ministry. Driving between home…
Church Board Duties
Church Board Duties The start of the year is a good time for church boards to ensure that they have remained compliant with all of their duties to the organization. Of course, church entities are not all structured the same. Some are set up with broad congregational membership authority. Others are largely board governed. There…
Employee Handbooks for Churches
Employee Handbooks for Churches Churches sometimes lean toward avoiding too much formality around hiring practices and employment procedures. There can be a bias against seeming too “corporate” or running the church “like a business.” Heightened formality may seem natural when a church is hiring a previously unknown candidate for a pastoral position. But in other…
Is there still time to claim employee retention credits?
Is there still time to claim employee retention credits for our church? Yes! The first expiration date for the credits is April 15, 2024, for any 2020 credits. 2021 credits can be claimed through April 15, 2025. That said, the IRS is still taking 6-12 months to process most credits, so the cash is not…
