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"Church Payroll & Tax Issues for Today"

SECOND EDITION RELEASE SOON!

 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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