Podcast – “Let’s Talk Church Finances” w/ Delano Sherley – Woodlawn Talks – Episode 64
Church Finance Help? Do you need help with your church’s finances? Reach out today to get started. Contact Us More Episodes If you enjoyed this Woodlawn Talks podcast, you can view more episodes at the link below. View More Episodes Need additional Help? Visit our other pages below to see our full range of services […]
Online third-party payments exceeding $600 must be reported
Beginning in 2022, a 1099-K from must be prepared for any third-party payment platform transaction greater than $600 made via processors like Venmo and PayPal. This is a change from the previous requirement that online payment processors provide a 1099-K only if gross income exceeded $20,000, or if there were at least 200 separate calendar […]
Year-End Contribution Rules
Here is a memo you can share with your donors that explains the year-end rules and deadlines regarding contributions. To ensure the deductibility of your church contributions, do not file your 2022 income tax return until you have received a written acknowledgment of your contributions from the church. Under IRS rules, you may lose the […]
2023 HSA and HDHP
2023 HSA and HDHP Contributions and Out-of-Pocket limits Health savings account (HSA) contribution limits for calendar year 2023 are increasing in response to the recent rise in inflation. The contributions can come from the employer, employee deductions via payroll or a combination (i.e.: the employer can match the amount that the employee has withheld). matching […]
Labor Law Posters
All businesses with employees are required by law to post certain notices in a place where employees can see them (ie: break room or near a time clock). There are both federal and state posting requirements. Federal requirements include notices informing employees of the federal minimum wage, equal employment opportunity, family and medical leave act, […]
How to manage digital money transfers safely
The ability to utilize electronic payment networks to send or accept cash is becoming more prevalent and easier than ever. However, so does the risk of fraud and scams because cybercriminals know that funds moved electronically are hard to trace and/or recover since there is not a physical check to represent the transaction. When transferring […]
2022 Mileage Rate Increase
The IRS has updated the 2022 mileage reimbursement rates to account for the rising cost of gas. Effective July 1, 2022 the new rate for business related travel increased $0.04 from $0.585 per mile to $0.625. Driving for medical purposes may be deducted at $0.22 per mile and mileage for service to a charitable organization […]
Changes To Your Credit Score
A low credit score can have significant consequences. It determines the interest rates on your credit cards and loans, how much you pay for insurance and can also impact your ability to open a bank account. You should review your credit report several times per year to make sure that there no errors that could […]
Tax Season Is Here!
The IRS increased the reimbursement mileage rate from $0.56 to $0.585 per mile in 2022. Medical mileage rates increased from $0.16 to $0.18 and charitable mileage remained the same at $0.14 per mile. The last couple of years have been challenging if you have needed to get in touch with the Internal Revenue Service to […]