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…
Category:
Leadership
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…
Category:
Leadership
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…
Category:
Leadership
It’s Time to Form the Budget Committee
Governance. Powered by PTA. The budget committee is chaired by the current treasurer and is responsible for developing the budget for the next fiscal year (July 1-June 30.) Who else should be on the budget committee? Good choices are often the incoming president and treasurer, and outgoing president because they understand your PTA’s past and…
Category:
Governance