Newsletter

This Quarter’s Topics 

  • Christian School Consultant

     

  • RMD

  • Tax Preparation

     

  • BOI Reporting

     

Christian School Consultant

We have added a new service to help Christian Schools.  See the following link for more information:  Christian School Consultant

Don’t wait until December to take your RMD

Every year we encounter a handful of taxpayers who do not take their RMD (Required Minimum Distribution) in time.  Usually, it is because their investment company makes an error or just drops the ball.  We would encourage everyone to arrange to get their RMD completed by October of each year.  DO NOT wait until the end of the year to schedule your RMD and risk a costly mistake.  

Tax Preparation

Each year we have many taxpayers that mail us their completed questionnaire and accompanying documents in January and early February.   If you are one of those, please be aware that we do not begin preparation until at least mid-February.  Our software is generally not ready until then and we have found that most of the you will receive a late document that you will need to send us.  It is best to wait and make sure you have everything before you mail us anything.

BOI Reporting

As of January 1, 2024, many churches are required to comply with new BOI (beneficial ownership information) reporting.  If your church has received a determination letter from the IRS you will not have a filing requirement.  If you have not requested AND received a determination letter, you will need to comply with this filing requirement.  This is NOT a difficult report to complete and it is due by January 1, 2025.  For churches it is a bit peculiar because you do not have “ownership” so there is no one to report as an owner.  We recommend choosing one person among your leadership that you believe will have longevity and use that individual in your report.  If anything in the original report changes, or you receive a determination letter, then you will need to file another report within 30 days.  We do believe that at some point all churches will be exempt from this filing.  In the meantime here is a link to get you started:  https://boiefiling.fincen.gov/fileboir

Sincerely in Christ,

James W. Rickard

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Attention: Tax Law is subject to interpretation. Please be advised that the material contained on this Web site is for information only and is not intended to be a substitute for professional legal advice. The Stewardship Services Foundation endeavors to update the information on this site on a regular basis, but cannot guarantee its accuracy at all times.