Our clients keep us on our toes! Because we encourage them to call us when they have a problem and we generally don’t charge for phone calls, we get a steady stream of questions posed to us by our clients and friends. Most of the questions are quite routine, dealing with things common to all […]
The recently signed $700 billion economic bailout bill (H.R. 1424, The Financial Rescue Package), includes a two-year extension of the IRA Rollover provision. The provision will be made retroactive to January 1, 2008, and will apply to gifts made from that date through December 31, 2009. The special legislation allows you to make charitable gifts […]
Typically an employee of the church would not perform contract services. Therefore all income should be reported on the employee's W2 as opposed to a 1099. However, there is an exception if the employee is in a "transition" year. This occurs when an employee retires from the church and subsequently performs contract services in the […]
It is getting to be that time of year to prepare for your year-end payroll processing. Have you ever been a lucky recipient of a letter from the Social Security Administration stating that you have reported incorrect names or social security numbers on your W-2's? Do you have a process in place to ensure you don't receive […]
Do you know where your original IRS application for exempt status is located? Do you need a copy for your records? Do not fear the IRS can help. You can file a Form 4506A Request for Public Inspection or Copy of Exempt or Political Organization IRS Form. You can find this form at the IRS's website […]
The IRS issued the revised Form 990 and Form 990-EZ during the past year. It is effective for 2008 tax years which are filing in 2009. To say that the IRS made a few changes would be an understatement. The IRS completely changed the look of the form and now requires information not previously required. […]
It’s not unusual for church groups to have raffles as fund-raising events. And sometimes the prizes can be quite large! Some things to remember: 1. Generally, if the prize is more than $600, the group awarding the prize MUST report it to the IRS. Use IRS Form W-2G. 2. If the prize is more than […]
The information on this blog is of a general nature and should not be construed as professional advice. It is provided solely for the convenience of our clients and the public. The opinions of the authors are not necessarily those of the firm. Communications sent to the firm via this blog or via the Internet […]
by Verne Hargrave After viewing our website or reading one of our brochures we are often asked this question. Evidently, it is a little perplexing to some why a CPA firm would choose a frog as its mascot. So, as we inaugurate this blog the first thing I want to do is “explain the frog.” […]