As we begin a new year, it is a good time to update and remind you about some accounting issues that pertain to us all.
Mileage Rate
The mileage rate for 2012 is 55.5 cents per mile (same as the second half of 2011). This rate should be used to calculate all allowable reimbursable miles (i.e. miles incurred as a result of you performing your job duties – this does not include miles to and from your residence). The reimbursement forms on the intranet are updated to reflect this change.
“Taxable” Reimbursements
The IRS has a regulation that any staff member reimbursement request received after 60 days of the purchase date will be recorded as taxable income on the staff member’s W-2. To avoid having your taxable income increase, please submit a reimbursement request once every 30 days regardless of the amount of the reimbursement. Not only will this avoid the reimbursement being taxed, it will also ensure our financial statements are correct.
Invoices
As you purchase goods or services from vendors in 2012, please make every effort to complete check requests and forward them to Accounting (AP) for payment as quickly as possible. Staying on top of getting invoices processed and paid helps us report more accurate financial data to Church Leadership and also helps us keep good, positive relationships with our vendors.
W-2’s
W-2’s for 2011 will be mailed directly to your home during the week of January 23. You may also view and print your W-2 on the ADP Portal by going to the Pay & Taxes tab and selecting Annual Statements from the drop down menu. Please be sure to review your W-2 statement to make sure the information looks correct. If you have any questions or need help understanding your W-2 please contact Blanche Loiacono at x1085.
Tax Withholdings
January is always a good time to reevaluate your tax withholdings for your paycheck. You may change your federal withholding elections in the ADP Portal by going to the Pay & Taxes tab. To change your state withholding, you must print a IL-W4 from the Staff Room document library and send it to Blanche (Finance mailbox). You can lookup your current tax withholdings any time on the ADP Portal.
2011 Donation Statements
Donation statements summarizing all 2011 donations will be mailed beginning Wednesday, January 25.
