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The Chronicles of Outsourcing - Accounting, Taxation & Payroll by Initor Global UK is focused on case studies of Accounting firms' challenges and solutions. Initor Global UK Services was established in 2006 with the vision of being a platinum global Accounting company. We have a comprehensive range of “Support Accountants” services and Remote Staffing Solution Services which are utilized by reputed EA Firms, ACCA Firms, FCCA Firms and Bookkeeping Firms.
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Hey there, I’m Michelle and I love all things Jesus, business and church finances! I help church finance individuals just like you go from feeling confused and frustrated with what you don’t know about church finances, to being more confident in your role while increasing your proficiency and expertise in the church finance realm. Are you tired of Google searches that result in endless pages of answers to your questions about church finances, housing allowances and clergy taxes? Do you need ...
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NOTE: The Department of Labor (DOL) and the Internal Revenue Service (IRS) use different criteria for determining whether a worker is an employee or independent contractor, and the criteria serve different purposes. The DOLs criteria are primarily used for determining eligibility for wage and hourly protections under the Fair Labor Standards Act (F…
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Segment 1: Tax Realities Ministers Pay Taxes: Dispelling myths. Legal Truth: Courts reject tax exemption claims. Cautionary Note: Risks of tax evasion. Segment 2: Ministerial Taxes 101 Tax Status: Ministers are self-employed. Who's Qualified: Active licensed, ordained, or commissioned ministers. Tax Responsibilities: Pay taxes through withholding o…
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Tax season is upon us, and with it comes the need for proper documentation. Improper donation receipts can cause headaches for both donors and organizations. In this episode, we'll dive into the essential elements of a donation acknowledgment letter to ensure compliance with IRS standards. Main Content: Understanding IRS Requirements: Explaining IR…
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Introduction: Welcome to episode 57 of the Bookkeeping with a Purpose podcast! Exploring the complexities of federal regulations, particularly regarding church employees and overtime rules. I stumbled upon something fascinating recently, and you know me, I can’t keep cool discoveries to myself. So, buckle up for a journey into the world of church f…
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In Episode 42 I talked to you about 3 steps to help you create a sound budget. In today's episode I want to help you take the next step in the budgeting process - ensuring that every program you created a budget line item for is carried out with excellence so that you can actually stay within that budget! Listen in to see how you can continue to ho…
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Direct from the IRS website: A minister's housing allowance (sometimes called a parsonage allowance or a rental allowance) is excludable from gross income for income tax purposes but not for self-employment tax purposes. If you receive as part of your salary (for services as a minister) an amount officially designated (in advance of payment) as a h…
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1099-NEC or 1099-Misc? Knowing which form to use can be confusing. In today's episode I go over 1. who should receive a Form 1099 2. which Form 1099 do you send 3. special circumstances that determine which form to use 4. e-filing requirements 5. filing deadlines I hope this helps! xo,MichelleNext Steps:Grab Your Freebies: https://churchfinances.ck…
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In today's episode we go over how to properly fill out your Ministers W-2, the new mileage rate for 2024 and 1099 filing requirements and deadlines.xo,MichelleNext Steps:Grab Your Freebies: https://churchfinances.ck.page/6steps biz owners https://churchfinances.ck.page/guide everybody Looking for a group of like-minded people that want to keep Jesu…
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The IRS has announced the tax opening date for 2024. In today's episode I share a list of documents you need to start gathering together to help make the tax prep process smoother for you and your tax preparer. This week's Courageous Obedience Moment is to look for God and how His character is revealed in Scripture instead of reading the Bible with…
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IRS blurb for your annual contribution statements " Pursuant to Internal Revenue Code requirements for substantiation of charitable deductions, no goods or services were provided in return for the Tax Deductible contributions" For QuickBooks Desktop: " Unless otherwise noted, the only good or services provided are intangible religious benefits" Rec…
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With the end of year upon us, let's take the time to review what worked well this year, and what didn't. Then take steps to make next year even better! Here are some links to resources that can help increase your knowledge in church finances. www.thechurchnetwork.com www.churchlawandtax.com www.bookkeepersinnercircle.com xo,MichelleNext Steps:Grab …
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Communication. You hear it mentioned when you're in a relationship. But communication is also vital to your business success. Today I talk about 3 areas of communication that you need to pay attention to in order to experience the success you desire in your service to the local church. I open with a story about a remarkable lady who works in her ch…
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Intuit is always changing things, and not always for the best. Many small and medium size churches still use QB Desktop and it has been my software of choice for the last 27 years. Intuit made the announcement this week that they will no longer make the Desktop version available to new customers effective July 31, 2024. As QB Pro Advisors and bookk…
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Dual tax status = EE for income tax purposes, but considered SE for FICA tax purposes Minister should make ETP throughout the year to help pay for the SE taxes that will be due on their income to avoid underpayment penalties if they owe over $1,000 tax liability EE vs IC IRS link Publication 1779 download HA is exempt from Federal Income Tax, but I…
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Regardless of what's going on in your life or your business, there is ALWAYS something to be thankful for. In today's episode, I go over some items that we should all be thankful for this year. Thanks for taking a listen and I hope you have a very Happy Thanksgiving! xo,MichelleNext Steps:Grab Your Freebies: https://churchfinances.ck.page/6steps bi…
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Check your W-4 information - make sure have all required information on all current and past 2023 EE’s and update if needed This is also a good time to update your EE files with any new information or missing info incl. I-9’s Beginning January 2024, the IRS has issued final regulations for filing paper return and you now have to file electronically…
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Today we will be talking about things we want to accomplish in this last quarter. We will talk about 4 tasks I want you to do: 1. Tell your members about donation deadlines 2. Understand the $250 rule 3. Locate your 501c3 letter 4. Review your insurance policy I hope this gets you off to a good start on checking off those year-end tasks. As always,…
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In todays episode I walk you through three reasons why generally all love offerings to staff members are considered taxable income by the IRS. It can be frustrating, but the IRS is clear that "income from whatever source derived" is taxable. Take a listen to see what else the IRS has to say on the topic. As always, thanks for taking time to listen.…
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Wahoo! We are back in podcast land and I am SO happy! Thanks for your patience while I worked through a few obstacles. Today we are talking about steps to help you in the budgeting process. They are: 1. Identify & Evaluate the programs and activities most important to your church 2. Define your Church Compensation Philosophy 3. Give your best estim…
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Knowing who qualifies for salary and who doesn't is an important process you need to know for your church. Listen to todays episode to find out who can be on salary and who can't.xo,MichelleNext Steps:Grab Your Freebies: https://churchfinances.ck.page/6steps biz owners https://churchfinances.ck.page/guide everybodySchedule a Consultation: https://c…
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Understanding the Ministerial Exception can help clarify how to properly pay your church employees. Take a listen!xo,MichelleNext Steps:Grab Your Freebies: https://churchfinances.ck.page/6steps biz owners https://churchfinances.ck.page/guide everybodySchedule a Consultation: https://churchfinances.org/consult Join the FB Community: www.facebook.com…
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Today we touch on Housing Allowance, Reasonable Compensation and Benefits. xo,MichelleNext Steps:Grab Your Freebies: https://churchfinances.ck.page/6steps biz owners https://churchfinances.ck.page/guide everybodySchedule a Consultation: https://churchfinances.org/consult Join the FB Community: www.facebook.com/groups/churchbookkeepingandclergytax…
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I am SO excited to be back teaching church finances this week! In addition to discussing the foundation of church finances and managing contributions and donations, we will also hear about a recent Supreme Court case that is relevant in the church world and to Christians in general.Grab your notebook and pen and let's get ready to learn!xo,Michelle…
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Thank you for joining me as I interviewed my podcast coach! In this episode Ms. Stefanie Gass shares her 7 step Spiritual Battle plan with us and even provides a workbook to help you! Check out the link below. 7-STEP SPIRITUAL BATTLE PLAN www.stefaniegass.com/battleplan To join my Private coaching Community The Bookkeepers Inner Circle visit www.bo…
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Thank you for listening to today's episode! I LOVE books and the Lord has used them mightily in my life to take me from a very lonely and insecure girl, to the strong and mostly confident woman and entrepreneur that I am now. Today I discuss the Top 5 books that have helped me on my journey and I hope they will be helpful to you as well. Also..... …
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In order to understand the Word of God, sometimes a little extra help is needed. Bible reference books are an invaluable help in accomplishing this. In today's episode, I give you a brief summary of the different kinds of resources available to help you choose which one is the right fit for you. I hope this blesses you! xo,MichelleNext Steps:Grab Y…
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Which Bible is the right one for you? The one that you will actually read and can understand. It does you no good to have a collection of Bibles that simply collect dust. Furthermore, NO ONE can tell you which translation is the best because no one else has your brain, your attention span, your comprehension. The point is to pick one. Read it. Medi…
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Today is the 1st episode in my Summer Series titled "Bible Basics for Everyone" and today’s topic is Bible Translations. As you may know, in addition to teaching church finances, I also own a Christian bookstore and we have people come in almost on a daily basis that are looking for their first Bible and when we ask what translation they are lookin…
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Today we are talking with Pastor Chris about his recent graduation from Southern Seminary and how they prepared him for the new tax status he gained when becoming a pastor. You may find this interesting. xo,MichelleNext Steps:Grab Your Freebies: https://churchfinances.ck.page/6steps biz owners https://churchfinances.ck.page/guide everybodySchedule …
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Today I share what God has laid on my heart for a Summer Series and other podcast news/updates. Thanks for listening! xo,MichelleNext Steps:Grab Your Freebies: https://churchfinances.ck.page/6steps biz owners https://churchfinances.ck.page/guide everybodySchedule a Consultation: https://churchfinances.org/bizconsult biz owners https://churchfinance…
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Since it’s summertime and the year is ½ over, in today’s episode we are going to be talking about performing a mid-year review for your church and the three areas I think you need to take a look at. Just like many businesses do an annual performance review on their employees, churches should also do a mid-year review on three important areas that m…
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In this episode, we will discuss the three main points that play a crucial role in ensuring client satisfaction. Yes – it is possible to have happy clients 😉 By listening to your clients, solving their problems, and leading them toward success, you can create long-lasting relationships and drive positive outcomes. Episode Outline: 1. The Power of L…
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Benevolence Funds, specifically, how do you handle them when collecting for a specific person in need will be discussed in today's episode. The IRS has set guidelines regarding this situation and we will cover those today including Revenue Ruling 62-113. We discussed the IRS cap on benevolence being given before it becomes taxable to the receiver i…
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We have come up with our new 𝐄𝐩𝐢𝐬𝐨𝐝𝐞 𝐧𝐨. 13 of the Initor global UK podcast series '𝐂𝐇𝐑𝐎𝐍𝐈𝐂𝐋𝐄𝐒 𝐎𝐅 𝐎𝐔𝐓𝐒𝐎𝐔𝐑𝐂𝐈𝐍𝐆' after the completion of other well-informed episodes. In this episode of Chronicles of Outsourcing, Our host Krishna Singh speaks with Parth Prajapati – AVP - Customer Experience at Initor Global UK - Concerning on Challenges faced by UK A…
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Knowing who you are, what you're best at, and what you enjoy doing the most will help you to define who your business will serve. We will go over 6 things that will help you define the pillars of your business and how you will learn, market and grow your business. Take a listen and I hope this blesses you and helps you to define the direction you w…
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Churches sometimes collect “love offerings” from the congregation for a pastor, visiting minister, volunteer, or staff member in recognition of services rendered. There really is a lot of confusion over this topic – so much so that pastors from both large and small churches have been prosecuted and convicted of tax evasion over unreported love offe…
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One of my Top 5 books of all time is Jennifer Allwood's "Fear is not the Boss of You". In this episode I go over some of the highlights of the book and how you can apply them to your business, personal life, relationships, etc. If you're ready to get unstock and live out the calling the Lord has on your life, take a listen to this episode and see h…
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When it comes to church finances, it's not just about balancing the books or paying the bills on time – which are absolutely very important by the way. It's also about equipping our congregation members with the knowledge and tools they need to be responsible stewards of their own finances. By building a financially literate church community, we ca…
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Welcome to the "Bookkeeping with a Purpose," podcast. In today’s episode we are going to be talking about the Armor of God and how it applies to you as a business owner. I will give you practical examples of how to get up, dress up and never give up on the dream God has given you for your business. We will cover each piece of the Armor: * Belt of T…
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Welcome to the "Bookkeeping with a Purpose," podcast. Today's topic is Why pledging money to your church is significant. We will explore the principles behind church giving and its impact on the church, personal growth and your community. Key Points: Stewardship: We’ll touch on how stewardship is a key discipline mentioned through the Bible. Gratit…
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Success is the continuing achievement of becoming the person God wants you to be and accomplishing the goals God has helped you set.In the Introduction of Dr. Charles F. Stanley’s book “Success God’s Way”, Dr. Stanley says “At the very outset of this book, I want to state that I firmly believe God desires for His people to be successful and that Go…
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Making sure that your charitable contributions are properly documented can make the difference if you ever get audited. In this podcast, I go over the taxpayer AND the churches responsibility in documenting charitable donations along with giving an example of a case that went to tax court in 1994. Enjoy!xo,MichelleNext Steps:Grab Your Free Resource…
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We have come up with our new podcast with Parth Prajapati - AVP of Customer Experience at Initor Global UK. Here in the conversation with host Krishna Singh, Parth talks about building strong client relationships, ways to maintain strong client relationships & factors that damage relationships with clients. Tune into this informative podcast now! A…
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An enrolled agent is a person who has earned the privilege of representing taxpayers before the Internal Revenue Service. There are a few steps involved in obtaining this designation. You can check out https://www.irs.gov/tax-professionals/enrolled-agents/enrolled-agents-frequently-asked-questions for more information. xo,MichelleNext Steps:Grab Yo…
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Managing payroll for your church can be a complex task, and it's important to choose the right payroll processor to ensure that your church is in compliance with tax laws and regulations. As you have already heard me say, not everyone who does payroll knows how to properly process church payroll. It is a specialized area of payroll and you need to …
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Hey there! On today’s episode I am going to cover 6 different service areas a bookkeeping firm can offer. But first, let’s define the term “bookkeeping”. Bookkeeping is the process of recording, categorizing, and reconciling financial transactions of a business. It includes tasks like recording invoices A/P, payments A/R, receipts, and bank stateme…
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Although the chances of your church being audited by the IRS are slim, they do happen. One way to help squelch the odds of that happening is to have your church perform an ANNUAL Internal church audit. Most churches are not large enough to warrant the cost of a full-blown external CPA audit, so an internal audit is just the ticket to help ensure on…
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In today's episode I share the essential equipment every bookkeeping office needs to help keep it running smoothly such as: computer printer scanner software ergonomic equipment I share the equipment/software I use and why. I hope you enjoy!xo,MichelleNext Steps:Grab Your Freebies:https://churchfinances.ck.page/guideLearn More:www.churchfinances.or…
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In today’s episode, I am going to touch on why I believe it’s vital that accountability in the church NOT be optional and I will give you practical and tactical steps to help ensure accountability in 5 areas of your church. Some ways that we can foster/create accountability within the church include: Leadership Accountability Congregational Account…
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Welcome to another episode of the Bookkeeping with a Purpose podcast. Today I will be discussing 3 Tips I believe every business owner needs to do to ensure success. These tips include: Tip 1: Make your estimated tax payments One important aspect of running a successful business is paying your taxes and paying them on time. You wouldn’t think that …
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