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Close Out 2020 With Confidence

The older I get, the more I love to-do lists. I know that sounds a tad odd. But I experience high productivity and effectiveness organizing tasks by lists. I feel good when I check tasks off of lists—and I experience peace of mind knowing that when I add new ones, they won’t fall through the cracks.

I suspect the same is true of many of you. And as December unfolds, Christmas projects approach, and the added burdens of COVID-19 weigh heavily on workloads, your use of to-do lists has probably only intensified.

We’ve got you covered when it comes to determining what tax and finance tasks need to get done by the end of the year. Our newly revised article on the top 17 year-end tasks is now available. It’s a practical and straightforward way to revisit the big and little details meriting your attention from now and until the end of this month.

Additionally, we’re hosting a free webinar tomorrow with attorney, CPA, and senior editor Richard Hammar. We’ll cover several of these tasks in greater detail, plus offer helpful insights related to the tax implications of pandemic-related developments. Sign up now.

Also this week:

  • For churches meeting in person, the arrival of winter weather will cause slippery ice and wet floors on your properties. Use these tips to minimize the risks.
  • Navigating the tax rules triggered by Christmas gifts and bonuses given to pastors and staff.
  • The 2021 Church & Clergy Tax Guide is available for preorder—but did you know that Church Law & Tax Advantage Members receive a copy, plus several more valuable benefits, as a part of their membership?

The Lord bless you and keep you,

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Use this to-do list to finish the year well and start 2021 right.
The Editors

Various critical financial tasks should be completed before January 1, 2021. To help church treasurers navigate this, Church Law & Tax asked tax and accounting experts to review and update our list of tasks that might affect a treasurer’s year-end to-do list.

Here, then, is an updated list ...

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Don't let generosity trigger costly tax penalties.
Richard R. Hammar

Background. Most churches provide employees and volunteers with "gifts" at Christmas. Common examples include hams, turkeys, fruit baskets, small amounts of cash, or gift certificates. Church treasurers may assume that these gifts are so small that they need not be reported as taxable income, ...

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Resources
2021 Church & Clergy Tax Guide (Book)
The most comprehensive and authoritative tax guide available.
Church Finance
Learn about budgeting, financial reporting, tax compliance, insurance coverage, and more.
Charitable Contributions Tax Reminder
Encourage benevolence by informing your donors about tax deductions they could claim by properly reporting charitable contributions.
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