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Showing posts from June, 2021

Top 10: Bookkeeping Mistakes

Here at MinistryCPA we receive a wide variety of questions and come across many unique situations. We recently received a request to cover different topics by briefly describing the top 10 problems or questions raised in each category. We have since developed a list of topics that will be covered in a series of top 10 posts on our blog. We hope that these discussions will be helpful to you. In this post we will be looking at the top 10 bookkeeping mistakes seen by MinistryCPA. 1. Errors in initial software setup When establishing and setting up accounting software such as QuickBooks, it is important that it is done so carefully and properly.  Many of the problems MinistryCPA helps to correct are caused by an error in the initial software setup. It is important to consider what software features are needed for the  organization (payroll, inventory, etc.), what accounting method best suits the organization's operations (cash, accrual, modified cash), and that a strong chart of accoun

Advance Payments of the Expanded Child Tax Credit

MinistryCPA has received many inquiries regarding the advance payments of the expanded child tax credit. For 2021, the child tax credit has been increased and made fully refundable. Most individuals with children have likely received correspondence from the IRS indicating their eligibility for the advance payment of these credits which will be sent out each month beginning on July 15. Those who receive the advance payments will claim the second half of the expanded child tax credit on their return. For some families, it may be advantageous to unenroll from receiving the advance payments. Each situation is different, so it may be wise to do some basic tax planning to determine the best course of action. If you are unsure whether to receive these advance payments of the credit now or wait to claim the credit on your 2021 return we recommend unenrolling now. The full credit will be available to you on your 2021 return if you unenroll from these payments. To stop advance payments both you