Category Archives: 12 – December 2011

Your 2% Raise Extended!!!

Posted on January 31, 2012 by

As a part of the “Tax Relief and Jobs Creation Act,” passed by Congress in the closing days of 2010 and signed by President Obama almost immediately afterwards, there was a partial payroll tax “holiday” provided to employees in 2011. … Continue reading →

Posted in 12 - December 2011, Form W-2, Internal Revenue Service, Pay Roll Taxes, Social Security, Tax Information | Leave a comment

IRS Announces 2012 Standard Mileage Rates

Posted on December 16, 2011 by

The Internal Revenue Service recently issued the revised standard mileage rate which is used to calculate the deductible costs of operating an automobile for business purposes during 2012. Beginning January 1, 2012, the standard mileage rate for the use of … Continue reading →

Posted in 12 - December 2011, Expenses, Internal Revenue Service, Ministers, Tax Information | Leave a comment

Year-End Contributions to Your Retirement Account

Posted on December 16, 2011 by

All pension contributions received in the Board’s office prior to Noon (EST) on Thursday, December 29, 2011, will be posted to the participant’s account and will apply against the participant’s 2011 contribution limits. Contributions received in this office on or … Continue reading →

Posted in 12 - December 2011, Charitable Gifts, Retirees, Retirement Contributions, Tax Information | Leave a comment

Year-End Contributions to Churches

Posted on December 16, 2011 by

As we approach the end of each year, there are always questions about the tax deductibility of charitable contributions made to local churches. The rule is relatively simple – donors must deliver or mail (with the postmark visible) checks on … Continue reading →

Posted in 12 - December 2011, Charitable Gifts, Expenses, Internal Revenue Service, Tax Information | Leave a comment

Ministers’ Housing Allowance Under Attack Again

Posted on December 16, 2011 by

Ministers across the country cheered in June 2011 when the plaintiffs in a California lawsuit voluntarily dismissed their challenge to the ministerial housing allowance. However, the celebration was a little premature in that the housing allowance is now under attack … Continue reading →

Posted in 12 - December 2011, Chaplains/Evangelists, Expenses, Form W-2, Internal Revenue Service, Ministerial Housing Allowance, Ministers, Retirees, Retirement Distributions, Tax Information | Leave a comment

Using Designated Funds

Posted on December 16, 2011 by

Church officials are often presented with the question of how to properly use designated funds. For example, if contributions are designated for the building fund, can they be used for anything other than construction or other building costs? First, it … Continue reading →

Posted in 12 - December 2011, Internal Revenue Service, Investments, Tax Information | Leave a comment

Best Practices Resource Workshop – February 4, 2012

Posted on December 16, 2011 by

Ministers, church treasurers, and board members concerned about being better stewards of church finances will benefit from a day-long “Best Practices Resource Workshop,” on Saturday, February 4, 2012. The 9:00 a.m. to 4:00 p.m. event will be held at the … Continue reading →

Posted in 12 - December 2011, Chaplains/Evangelists, Internal Revenue Service, Ministerial Housing Allowance, Ministers, Retirees, Tax Information | Leave a comment