Church
Payroll & Tax Issues for Today is the perfect reference to
help you easily navigate the complexities of tax law and IRS
regulations...
Church Payroll &
Tax Issues for Today enables you to fully comply!
SECOND EDITION RELEASE SOON!
Click on any title to see
detailed contents of the chapter...
Chapter 1: Is This a Church?
Chapter 2: Types of Workers
Chapter 3: Taxable Sources of Income
Chapter 4: Non-Taxable Sources of Income
Chapter 5: Housing Allowance Exclusion
Chapter 6: Professional Expenses
Chapter 7: Compensation Packages and Payroll Reports
Chapter 8: Penalties and Interest Assessments
Chapter 9: Information and Samples of Completed Federal Forms
Chapter 10: Recent FASB Changes for Not-for-Profit Organizations
Chapter 11: Contribution Substantiation Rules
Chapter 12: Property Tax Issues
Chapter 13: Worker's Compensation Issues
- A Complete
- Table of Contents
for Church Payroll &
Tax Issues for Today
-
About the Author
1997 Taxpayer Relief Act
Chapter 1: Is This a Church?
Definition of a Church
Form 1023 - Church Exemption
Federal Tax Identification Number
Forms 990 & 990-T Tax Returns
Integral Agency of the Church
Form 940 - Federal Unemployment Taxes
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Chapter 2: Types of Workers
Dual-Status Minister
Form 4361-Exemption from Self Employment
Taxes
What About the Amount Paid to Social
Security?
Form 4361 and "New Faith"
Opportunities
What Are the Qualifications for Ministerial
Services
Ordination or "The Equivalent Thereof"
Lay Church Employees
Statutory Employees
Self-Employed or Contracted Labor
Weber v. Commissioner and Other Cases
Common Law Rule: The Twenty Factors
Employed Ministers Are Not to Use Schedule
C for Dual-Status Earnings
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Chapter 3: Taxable Sources of Income
Wages, Salaries and Tips
Professional Income
Gift or Bonus from Employer
Social Security Paid by the Employer
Life Insurance
Housing Allowance
Non-Accountable Allowances
Gifts from Individuals
Loans To Employee By Employer
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Chapter 4: Non-Taxable Sources of Income
Fringe Benefits
Group Term Life Insurance
Accident and Health Insurance
Self-Insurance Medical Plans
Disability Insurance
Cafeteria Plans - Section 125
Moving Expense Reimbursement
Benevolent Funds
Qualified Educational Assistance
Qualified Tuition Reduction
Qualified Scholarships
Qualified Retirement Plan Contributions
Voluntary Tax Shelter Plans
Employer Qualified Retirement Plan -
Section 401(a)
Salary Reduction Plans - Section 401(k)
Tax Shelter Account - Section 403(b)
Simplified Employee Pension - Section
408(k)
Simple Retirement Plan - Section 408(p)
Church Retirement Plans - Section 414(e)
Individual Retirement Accounts
Self-Employed Keogh Plans (H.R. 10)
Section 83 - Non-Qualified Retirement
Plans
Gifts to Retired Ministers Are Non-Taxable
Prizes and Awards
Earned Income Credit
Tax-Free Housing
Maximum Earnings for Retired Ministers
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Chapter 5: Housing Allowance Exclusion
What is a Housing Allowance? Who Qualifies
For It?
Reg. 1.1402(c)-5(b&c) - Qualified
Ministerial Services
Evangelists
Missionaries
Retired Ministers
Male and Female Housing Allowance Treatment
What Expenses Qualify as a Housing Allowance?
Obligations of the Employer for the
Housing Allowance
Obligations of the Employee
Computation of Housing Allowance Worksheet
Minister's Request to Board for Designation
of Housing Allowance
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Chapter 6: Professional Expenses
What Is a Professional Expense?
Charitable Contributions Are Not a Professional
Expense
Babysitting is Not a Business Expense
A Housing Allowance Is Not a Professional
Expense!
The Professional Expense Rules Are for
Everyone
Publication 517 - Section 265 Eliminations
Record Keeping Is Not an Option, But
a Must!!!
Non-Reimbursed Professional Expenses
Adequate Accounting Rules
There is Hope: An Accountable Reimbursement
Plan
Proposed Accountable Reimbursement Plan
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Chapter 7: Compensation Packages and Payroll Reports
Practical Applications
Steps In Establishing A Compensation
Package
Dual-Status Minister - Reverend Jones'
Compensation Package
Lay Employee - Sarah Smiths' Compensation
Package
New Hire Reporting Requirements
Organizations Must File Information
Returns
How To Prepare Information Returns
Make Payroll Tax Deposits as Required
Quarterly and Annual Reports
Corrections to Information Returns
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Chapter 8: Penalties and Interest Assessments
Information Return Penalties
Willful Or Intentional Disregard
Non-Designation of Housing Allowance
Churches Who Fail to File W-2s for All
Employees
Paid Preparers Penalties
Reward For Turning In Tax Protesters
Always Cooperate With Federal and State
Agencies
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Chapter 9: Information and Samples of Completed Federal Forms
Form W-4, David B. Jones
Form I-9, David B. Jones
Form I-9 List of Acceptable Documents
Form I-9, Sarah A. Smith
Form I-766 - New Employment Authorization
Document
Form 8109-B - Federal Tax Deposit Coupon
Form 941 - Employer's Quarterly Tax
Return
941 TeleFile Tax Record
Form W-2 Information: Dual Status Minister
- David B. Jones
Form W-2 Information: Lay Employee -
Sarah A. Smith
Summary
Form W-2 - Wage and Tax Statement, Completed
Form W-2 - Wage and Tax Statement, Blank
Form W-3 - Transmittal of Wage and Tax
Statements
Form 1099 - MISC Information
Form 1099 - MISC
Form 1096 - Annual Summary and Transmittal
of U.S. Information Returns
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Chapter 10: Recent FASB Changes for Not-for-Profit Organizations
FASB 116: Accounting for Contributions
Received or Contributions Made
FASB Interpretation 42 - Accounting
for Transfer of Assets in Which a Not-for-Profit is Granted Variance
Power an Interpretation of FASB 116
FASB 117: Financial Statements of Not-for-Profit
Organizations
Statement of Position (SOP) 96-1: Environmental
Remediation of Liabilities
FASB 121: Accounting for the Impairment
of Long-Lived Assets and for Long-Lived Assets to be Disposed
of
FASB 124: Accounting for Certain Investments
Held by Not-for-Profit Organizations
FASB 125: Accounting for Transfer and
Servicing of Financial Assets and Extinguishment of Liabilities
FASB 126: Exemption from Certain Required
Disclosures about Financial Instruments for Certain Non-Public
Entities and Amendment of FASB 107
FASB 127: Deferral of Effective Date
of Certain Provisions of FASB 125 and Amendment of FASB 125 10-5
FASB 128: Earnings Per Share
FASB 129: Disclosure of Information
About Capital Structure
FASB 130: Reporting Comprehensive Income
FASB 131: Disclosures about Segments
of an Enterprise and Related Information
SOP 98-2: Accounting for Costs of Activities
of Not-for-Profit Organizations and State and Local Governmental
Entities That Include Fund Raising
FASB 132: Employers' Disclosures about
Pensions and Other Post Retirement Benefits
FASB 133: Accounting for Derivative
Instruments and Hedging Activities
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Chapter 11: Contribution Substantiation Rules
Substantiation Letter Requirements
Fund Raising Issues
Sample Receipt Letters
Contributions of $250 and Over-No Goods
or Services Were Returned to Donor
Contributions of $75 and Over-Goods
or Services Were Returned to Donor
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Chapter 12: Property Tax Issues
Church Exemption
Religious Exemption
Welfare Exemption
Which Exemption Is Best For You?
Failing To File For An Exemption
Summary
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Chapter 13: Worker's Compensation Issues
Churches Are a Business and Therefore
Not Exempt
Religious Freedom Argument Was Rejected
A Relationship Must Exist To Require
Worker's Compensation
Contract Laborers Must Also Have Worker's
Compensation
What About Volunteers?
Tithing Credits
Summary
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