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March 15, 2022

Tip of the Week – March 10

What Does a Budget Committee Do? As your PTA’s treasurer and chair of the budget committee, you’ll want to start developing next year’s (July 1 -June 30) budget soon. Who should you ask to join you? Good choices are often the incoming president and treasurer, and outgoing president because they understand the past and future…
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Category: Leadership

January 9, 2022

Tip of the Week – January 6

Reporting Payments to Independent Contractors If your PTA paid an independent contractor at least $600 in calendar year 2021, you must send to them and to the IRS form 1099-NEC, Nonemployee Compensation (NOT form 1099-MISC), postmarked by January 31, 2022. The IRS requires a paper copy of form 1099-NEC, accompanied by form 1096. These forms…
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Category: Leadership

December 2, 2021

Tip of the Week – December 2

Special Donation Rules for 2021 If your PTA accepts donations, remind members and other potential donors of the special temporary COVID relief rules in effect for 2021: people who take the standard deduction for their 2021 tax returns may claim an above-the-line deduction of up to $300 for cash donations ($600 for cash donations for…
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Category: Leadership

October 1, 2021

Tip of the Week – September 30

Financial To-Do List to Start the Year The entire board of directors should review PTA budget and monthly financial statements Written financial policies, including for electronic banking and passwords Insurance policy renewal IRS informational filing (990N/990-EZ/990 – filing due November 15) Standards of Affiliation At the first membership meeting, PTA members should Adopt/re-adopt the PTA…
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Category: Leadership