Zondervan 2018 Church and Nonprofit Tax and Financial Guide: For 2017 Tax Returns
224
Zondervan 2018 Church and Nonprofit Tax and Financial Guide: For 2017 Tax Returns
224eBook
Available on Compatible NOOK devices, the free NOOK App and in My Digital Library.
Related collections and offers
Overview
The Zondervan 2018 Church and Nonprofit Tax and Financial Guide annual reference guide continues to be one of the few resources offering tax and financial advice to churches and nonprofit organizations. Issues of financial accountability, receiving and maintaining tax-exempt status, accounting for charitable gifts, and other crucial topics receive careful and full discussion. The 2018 edition also contains a thorough description of tax laws affecting churches and other nonprofit organizations, ensuring compliance with all regulations. The book includes expert advice on handling charitable gifts, sample policies and procedures, easy techniques for simplifying financial policies and procedures, insights on medical expense reimbursements, key steps in sound compensation planning, and examples of required IRS filings.
Product Details
| ISBN-13: | 9780310597094 |
|---|---|
| Publisher: | Zondervan |
| Publication date: | 01/09/2018 |
| Sold by: | HarperCollins Publishing |
| Format: | eBook |
| Pages: | 224 |
| File size: | 7 MB |
About the Author
Dan Busby has a Master’s degree in business from Emporia State University and he has worked as controller of a university medical center, partner-founder of a CPA firm, and chief financial officer for a religious denomination. He currently serves as the president with the Evangelical Council for Financial Accountability (ECFA), Winchester, Virginia, and he is coauthor of The Christian's Guide to Worry-Free Money Management. He has been an author of the Zondervan tax guides for 28 years has authored or coauthored many other books, including TRUST, Lessons From the Nonprofit Boardroom, and Lessons From the Church Boardroom.
Michael Martin is an attorney with a Juris Doctor from Regent University School of Law, where he was editor-in-chief of the Regent University Law Review, and has an undergraduate degree from Oral Roberts University. He is passionate about helping churches and other Christ-centered organizations comply with ECFA standards. He currently serves as vice president and legal counsel for ECFA, Winchester, Virginia.
John Van Drunen is an attorney and a certified public accountant with a Juris Doctor from Regent University School of Law and accounting degree from Anderson University. He has devoted much of his time to working in tax-exempt tax policy and other nonprofit related matters. He currently serves as executive vice president and general counsel for ECFA, Winchester, Virginia.
Table of Contents
Special Index for Church Treasurers v
Policy Checklist vii
Introduction x
1 Faithful Administration l
Independent board 6
Managing conflicts of interest 7
Compensation review and approval 10
Proper stewardship practices 11
2 Tax Exemption 15
Advantages and limitations of tax exemption 16
Tax exemption for churches 17
Starting a church or other nonprofit organization 19
Unrelated business income 22
Private benefit and private inurement 29
Filing federal returns 32
Postal regulations 41
State taxes and fees 42
Political activity 44
3 Compensating Employees 47
Reasonable compensation 47
Internships 48
Housing and the housing allowance 48
Deferred compensation 53
Maximizing fringe benefits 54
Nondiscrimination rules 65
Paying employee expenses 65
4 Employer Reporting 71
Classification of workers 71
Reporting compensation 76
Payroll tax withholding 76
Depositing withheld payroll taxes 80
Filing quarterly payroll tax forms 82
Filing annual payroll tax forms 83
5 Information Reporting 93
General filing requirements 93
Reporting on the receipt of funds 95
Reporting on the payment of funds 95
Summary of payment reporting requirements 103
6 Financial Management and Reporting 105
Recordkeeping of income and expenses 106
Accounting records 110
Financial reports 114
Budgeting 121
Audits and other related services 121
Fraud 124
7 Charitable Gifts 137
Charitable gift options 138
Percentage limitations 141
Gifts that may not qualify as contributions 142
Charitable gift timing 144
Acknowledging and reporting charitable gifts 146
Quid pro quo disclosure requirements 159
8 Special Charitable Gift Issues 173
Giver-restricted gifts 173
Contributions to support missionaries and other workers 176
Contributions to support short-term mission trips 180
Other special charitable contribution issues 191
Sample Policies and Guidelines 203
Projected 2018 Filing Dates 206
Citations 207
Index 210
10 Biggest Tax and Financial Mistakes Made by Churches and Nonprofits 213
10 Tax and Finance Questions Most Frequently Asked by Churches and Nonprofits 214
Special Index For Church Treasurers: A guide within a guide
Unrelated business income 22
Political activity 44
Employee compensation
Deferred compensation 53
Dependent care assistance plan 59
Disability insurance 60
Expense reimbursements 65
403(b) plans 54
Health care 59
Housing allowances 48
Loans to employees 60
Medical expense reimbursement 68
Moving expenses 62
Overtime and minimum pay 64
Property transfers 62
Social security reimbursement 61
Vehicles provided to employees 56
Workers' Compensation 63
Workers at the church
Are ministers employees or independent contractors? 71
Classification of ministers 74
Depositing withheld payroll taxes 80
Filing quarterly payroll tax returns 82
Filing Form W-2 83
Special tax provisions for ministers 89
Withholding FICA taxes 76
Withholding federal income taxes 77
Information return filings
Interest payments 95
Payments to nonresident aliens 97
Payment for services 98
Payments to volunteers 100
Payment of moving expenses 100
Receipt of mortgage interest 103
Financial records of the church
Budgeting 121
Chart of accounts 107
Financial reports 114
Guidelines for handling offerings 129
Internal audit guidelines 128
Charitable contributions
Contributions to support: missionaries or workers 176
Employees of a charity 192
Individuals other than staff members or the needy 194
The needy 195
Short-term mission trips 180
Contributions by volunteers 197
Giver privacy 164
Gifts that may not qualify as contributions 142
Granting of scholarships 195
Letter to noncash givers 148
Quid pro quo disclosures 159
Private schools 192
Receipting charitable contributions 146
Refunding gifts or sending contributions to another charity 198
Reporting noncash gifts to the IRS 149
Insurance for the church
Disability 60
Health 59
Workers' Compensation 63
Key laws that apply to churches
Fair Labor Standards Act 64
Immigration control 101