Category Archives: Tax

Employees vs. Independent Contractors

This summer the U.S. Department of Labor (DOL) issued Administrator’s Interpretation No. 2015-1, which discussed misclassification of employees as independent contractors.  Federal and state governments are beginning to take more initiative to investigate employers and businesses that wrongly classify their … Continue reading

Tags: , , , ,
Posted in Accounting, Tax | Comments Off on Employees vs. Independent Contractors

2014 Standard Mileage Rates

2014 Standard Mileage Rates The IRS has announced the standard mileage rates will go down slightly in 2014. Below are the new mileage rates starting 1/1/14: Business use of a vehicle– 56 cents per mile Medical and moving miles –23.5 … Continue reading

Posted in Accounting, Tax | Comments Off on 2014 Standard Mileage Rates

October 15th Tax Deadline Two Weeks Away

If you have yet to file your 2012 tax return, the extended deadline to file your personal tax return (form 1040) is October 15th.  Keep in mind that for the October 15th deadline to be valid, a taxpayer must have … Continue reading

Tags:
Posted in Tax | Comments Off on October 15th Tax Deadline Two Weeks Away

More Scrutiny Over Independent Contractor Classification

Is your church properly classifying its workers as employees or independent contractors?  With the implementation of the Affordable Care Act the IRS will examine independent contractor classifications more carefully and the penalties and fees for mis-classification can sky rocket.  The … Continue reading

Tags: , , ,
Posted in Accounting, Healthcare, Tax | Comments Off on More Scrutiny Over Independent Contractor Classification

Start of tax season delayed until January 30th

The IRS has announced that filing season will begin on January 30th for many taxpayers but not all.  Not all forms will be updated by January 30th and thus not all taxpayers will be able to file.  The IRS has not … Continue reading

Tags: , , , ,
Posted in Tax | Comments Off on Start of tax season delayed until January 30th

It’s 1099 Season here at ChurchShield

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 … Continue reading

Posted in Accounting, Tax | Leave a comment

2013 Standard Mileage Rates

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 … Continue reading

Posted in Accounting, Tax | Leave a comment

Taxpayer Advocate Service Changes Case Criteria

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 … Continue reading

Tags: , ,
Posted in Tax | Leave a comment

Do your volunteers’ hours constitute non-cash revenue?

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 those … Continue reading

Posted in Accounting, Tax | Leave a comment

What the new healthcare law means for your ministry

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 … Continue reading

Tags: , , , , , ,
Posted in Accounting, Congress, Economy, Healthcare, Tax | Leave a comment