If you are using a credit card reader in your church, time to get a new one. A tool to help with setting up timelines for document retention. Also, pastors, please guard your heart.
Guard your heart
To all the dear pastors devoting your life to leading us sheep: Guard your heart.
6/21 – Christianity Today – Tullian Tchividjian Resigns after Admitting ‘Inappropriate Relationship’
Guard your heart. Please.
Get new credit card reader before October 1
Richard Hammar at Church Law & Tax asks Does Your Church Use a Credit Card Reader?
If so, you really need to get a new reader by October 1. The new readers will look at the embedded chip for additional security processing.
Why is this a big deal? Currently, the card issuer is liable for any fraudulent transactions on a stolen credit card. Neither the merchant nor the customer are liable.
After October 1, that protection for merchants changes. If the merchant is not using a new card reader, the merchant is on the hook for any fraudulent charges.
Time to get a new reader. Quickly.
The Accounting firm of Councilor, Buchanan & Mitchell offers some guidance on document retention for payroll records: How Long Do You Have to Retain Payroll Records
Joint guidance from the Social Security Administration and IRS highlights the ‘records-in-general’ rule of holding on to payroll documents until four years after the employee’s tax returns are due.
See the article for discussion of the fed’s suggestions for fringe benefit documentation and unemployment tax records.