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Year-End Tax Guide for Churches: Prepare for 2014 and IRS Awareness

As we approach the end of the year, it’s crucial for churches to clean up their tax issues and prepare for 2014. This comprehensive guide covers diverse topics including maintaining 501(c)(3) status, understanding new Obamacare regulations, essential IRS forms (W-2, 1099, etc.), and health plan notices. It also highlights the importance of year-end contribution statements and provides tips on maximizing tax benefits through charitable giving from an IRA. Reach out for personalized assistance in navigating these complex issues.

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Year-End Tax Guide for Churches: Prepare for 2014 and IRS Awareness

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Presentation Transcript

  1. 2013 Yearend Tax Issues Cleaning up the year and getting Ready for 2014

  2. Why Worry about the IRS? • No longer a church friendly government • Government is broke • We are low hanging fruit • Loss of 501c(3) status • Fines • Obama Care • Obey the Law

  3. You Know the Standard Form • 941 or 944 • DE9 • 592-B OOST • W-2 • W-3 • W-4 • W-5 EIC • 1099 • 1096 You may also need to fill out: • I-9 • 990T • 8283 • 401-DS Excise Tax • SI-100 • FTB3500A • New Church Starting Forms

  4. Where Do I Get the IRS Forms? • Toll free (866) 455-7438 for help with W-2, W-3, 1096, 1099 • Order IRS forms from 1-800-829-3676 or http://www.irs.gov/businesses/page/0,,id=23108,00.html • EDD forms http://www.edd.ca.gov/Forms/default.asp • http://www.stayexempt.irs.gov/

  5. You Know the Church Forms • Housing Allowance for ministerial staff • Salary Reduction for 403(b)9 accounts • Choose your insurance • FSA/HRA/HSA forms if you use high deductible insurance • Notice for employees regarding health plan options http://www.guidestoneinsurance.org/HealthcareReform2/ER-Notices-Coverage-Options

  6. Covered CA: When to provide the Notice? • October 1, 2013: Provide the Notice to all current employees by October 1, 2013. • October 1-December 31, 2013: Provide the Notice to new employees who are hired between these dates on the date of hire. • After December 31, 2013: Provide the Notice to all new employees who are hired after December 31, 2013, within 14 days of their start date.

  7. 2014 Pension Plan Limits • How much will the church put in and how much will the staff salary reduce? 2014

  8. Catch Up Offering • It’s easy to get behind over the course of the year • Here are materials to help you have a “Catch Up the Tithe” Sunday • You can download them at the bottom of your screen

  9. Charitable Alert • Make a gift from your IRA directly to charity in 2013.  • Tax free transfer directly to charity. • Gift can count as your required minimum distribution. • Must be 70 1/2 years old to qualify. • Contact your IRA custodian instructing them to send the gift directly to your chosen charity. • Limited to $100,000. • Expires January 31, 2014

  10. 2014 Tax Issues • Covered CA signups by March 31 • Quarterly Reports: 941; DE 9 • Don’t forget to get W-9s from your guest speakers before giving them their honorarium

  11. You Know the Church Forms • Print out Year-end Contribution Statements and Mail Them • Statements must have the Statement on them • NO goods or services were provided by the organization in return for the contribution • IRS can deny the deduction if the statement is not on the Contribution form

  12. Questions? What Questions can I answer for You? Rod Wiltrout Church Finance Specialist (559) 256-0858 direct line (559) 287-7840 cell phone rwiltrout@csbc.com www.csbc.com/financialmatters

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