As the holidays draw near, churches enter not only the season of celebration but also the anticipation of a new year—a time for reflection, gratitude for God’s blessings, and strategic planning for the future.
There are noteworthy updates and considerations that you should incorporate into your 2023 records. Our team guides you through these changes and ensures your organization is fully prepared for the upcoming year.Â
Here are a couple of things to note from this year that will be important to implement:
Accountable Reimbursement Policy
The IRS disallows employees from deducting unreimbursed expenses from their taxes. To ensure both you and your employees comply with this regulation, it is crucial to establish an Accountable Reimbursement Policy.
Such a policy is necessary for reimbursements to be deemed accountable, preventing employees from claiming their business expenses on their tax returns. Implementing proper policies is vital for your organization’s compliance and financial well-being.
Financial Security
The year-end period presents an excellent opportunity to reconcile your church’s financial records comprehensively. This process is essential as it guarantees that all transactions, including reimbursements, are accurately accounted for. Proper reconciliation brings transparency to your church’s financial status and lays a robust foundation for a secure financial future.
Heading into the new year with a fresh vision requires wrapping up the current year’s administrative tasks and tax responsibilities. We’ve curated a comprehensive checklist comprising 28 essential items to assist you in this process. This checklist is a vital tool utilized by numerous churches and ministries to ensure a solid year-end transition. It covers crucial tasks that will set the foundation for a successful start to the coming year. Visit StartChurch.com to learn more.
First published on StartChurch.com. Used by permission.