“Why did Moses have to go back up the mountain a second time?”, asked the Sunday school teacher.

“To ask God for a map,” Bradley replied.

This month’s newsletter is the second in a series. It’s the end of the month. The church board is looking to you to print reports that show the financial status of the church. How is that assignment going for you? Do the words, “Balance Sheet”, “Income & Expense Statement”, “Budget Report”, “Activity Report”, or “Changes in Equity Report” make your head spin? Perhaps these report names are unfamiliar to you, and you’ve just been doing the best you can to produce good reports for the board. Each month we’ll talk about a different report from PowerChurch.

Read more to learn about income and expense statements.

Churches and religious organizations may be required to report certain payments or information to the IRS. Read on to review the list from IRS Publication 1828 “Tax Guide for Churches and Religious Organizations” of the most frequently required returns, who should use them, how they are used, and when they should be filed.

How Are Social Security benefits taxed? That depends on your other income. In the worst case scenario, 85% of your benefits would be taxed. This doesn't mean you pay 85% of your benefits back to the government in taxes, rather you would include 85% of them in your income subject to your regular tax rates. Click here to read more about determining your benefits and what to be cautious of.

At Summit Tax & Accounting, we strive to reach all of our church and clergy members through various communication channels.
This month, we are excited to announce the launch of our Church Accounting Facebook page! Please “like” us on Facebook at www.Facebook.com/SummitTaxAccounting. We encourage you to spread the good word with your friends and family. Check back regularly for tips on church accounting, best practices, FAQs, and much more!

For years, Summit Tax & Accounting, LLC has conducted seminars throughout the state of Illinois, providing comprehensive and timely information in an understandable format for religious and nonprofit organizations.

PowerChurch and Church Accountability by the Book are now available via webinar!

You can access this important information 24 hours a day, 7 days a week from the comfort of your home, office, church or gathering place. And, these webinars can be viewed as many times as needed throughout the year. Subscribe today! Purchase the entire series with a year subscription, or only the chapters you need for review.

Still looking to attend a seminar this year? View our online schedule and register today for a seminar near you!