Mission Matters Q1 Updates

Mission Matters Q1 Updates

ECCT At a Glance

General Updates

Parish-specific ConnECCT File Share is Here

ECCT has rolled out the new aspect of its ConnECCT file share. The purpose of this parish-specific side of ConnECCT is to create individual file folders for each parish in the ECCT. These folders will house various information such as accords, (thus relieving us of the need to send out hard copy letters, a savings in labor and supplies), insurance renewal surveys, CMS and insurance invoices, etc. contact the Operations Manager to register your parish or for more information.

Parish Invoices

ECCT will be processing your monthly invoices via the parish-specific side of ConnECCT. January’s invoice will contain the 2021 property & casualty premiums, due to the ongoing negotiations. In Q2 adjustment to the parish invoices will be made accordingly. Invoices for the remainder of the year will be issued within the first week of every month via email.

The recipients will be the Rector or Priest-in-Charge (PIC) and Treasurer (in the absence of a Rector or PIC, the Sr. Warden will be included). To ensure that we have your current information update your parish’s survey online. To reset your password, contact the Operations Manager.

Direct Deposits/ACH Payables Account

ECCT is shifting all payment processing to ACH/Direct Deposits to ensure secure, swift, and timely payments. Please ensure that you have provided us with your parish’s current banking information.

Direct Deposits Receivable’s Account

ECCT is recommending that parishes use direct deposits to ensure timely deposit to the Fund. Direct deposits are secure, swift, simple, and won’t be lost, delayed, and will ensure the timely payments of your parish’s commitments. Contact the Canon for Mission Finance & Operations for more information.

Property Improvement Grant Application Extension

We are extending the deadline to apply for a 2021 Property Improvement Grant. Parishes can now apply through January 31. Details and the application can be found in the grants section here on our website.

Property

Building Winterization Best Practices (downloadable resource on ConnECCT)

Tax Updates

Imputed cost of Group Life Insurance for Tax Purposes

Group Life Insurance IRC section 79 provides an exclusion for the first $50,000 of group-term life insurance coverage provided under a policy carried directly or indirectly by an employer. There are no tax consequences if the total amount of such policies does not exceed $50,000. The imputed cost of coverage in excess of $50,000 must be included in income, using the IRS Premium Table, and are subject to social security and Medicare taxes.

Resource Guide Publication 15-B Cat. No. 29744N

Employer’s Tax Guide to Fringe Benefits
Future Developments
For the latest information about developments related to Pub. 15-B, such as legislation enacted after it was published, visit the IRS website. For the latest guidance and information about COVID-19 tax relief, go to IRS.gov/Coronavirus.

IRS Issues Standard Mileage Rates for 2022

Beginning on January 1, 2022, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 58.5 cents per mile driven for business use, up 2.5 cents from the rate for 2021,
  • 18 cents per mile driven for medical, or moving purposes for qualified active-duty members of the Armed Forces, up 2 cents from the rate for 2021 and
  • 14 cents per mile driven in service of charitable organizations; the rate is set by statute and remains unchanged from 2021.

IRS sending information letters to recipients of advance child tax credit payments and third Economic Impact Payment

COVID Tax Tip 2022-03, January 5, 2022

The IRS started issuing information letters to advance child tax credit recipients in December. Recipients of the third round of the Economic Impact Payments will begin receiving information letters at the end of January. Using the information in these letters when preparing a tax return can reduce errors and delays in processing.

People receiving these letters should keep them. Do not throw them away. These letters can help taxpayers, or their tax professional prepare their 2021 federal tax return.

D&B Updates

Please Note:

The United States Postal Service began changing first-class mail delivery time frames. This change may result in mail taking longer to arrive at its destination. Due to this, D&B recommends that parishes use direct deposits to ensure timely deposit to the Fund. Direct deposits are secure, swift, simple, and won’t be lost, delayed, or returned to sender. Contact the Director of Operations for Donations & Bequests to set up direct deposit.

For Additions, Changes, and Withdrawals, email the Request Form to the Director of Operations & Bequests. Vestry minutes are required.