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Church Accounting: Protective Ministry

You can protect your place of worship through organization insurance, fire protection and injury prevention. Insurance coverage amounts should be reviewed annually to be sure they are adequate.  Many policies do not cover certain risks unless special endorsements are obtained. A video inventory of all assets should be prepared periodically, and kept in a secure place. Backup files of all important computer data should be kept in a secure place.

To learn more about organization insurance, fire protection and injury prevention, click here.

 

Personal Tax: Tax Implications of Divorce

Unfortunately, in addition to the difficult personal issues the process entails, several tax concerns need to be addressed to ensure that tax costs are kept to a minimum and that important tax-related decisions are properly made. Where one spouse is to be making support payments to the other upon divorce or separation, the payments are deductible by the payer and taxable to the payee if they qualify under the tax rules for “alimony.” Take an in depth look at the tax implications of divorce by clicking here.

Like Us On Facebook!

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!

Seminar and Webinar Series Available

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.

We are happy to announce our WEBINAR series:  PowerChurch and Church Accountability by the Book. Now 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. Subscribe today! Purchase the entire series, or only the chapters you need for review.

Still looking to attend a seminar this year? View our online schedule.