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The Church Finance & Minister Tax Podcast- Church finances, Minister Taxes, Minister payroll, IRS Compliance
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Ep 51 ~ Record Retention Requirements for the Church
Manage episode 393316609 series 3453775
Content provided by Michelle R Brown, EA, Christian Business Mentor, Enrolled Agent, Michelle R Brown, EA, Christian Business Mentor, and Enrolled Agent. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Michelle R Brown, EA, Christian Business Mentor, Enrolled Agent, Michelle R Brown, EA, Christian Business Mentor, and Enrolled Agent or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
IRS blurb for your annual contribution statements
" Pursuant to Internal Revenue Code requirements for substantiation of charitable deductions, no goods or services were provided in return for the Tax Deductible contributions"
For QuickBooks Desktop:
" Unless otherwise noted, the only good or services provided are intangible religious benefits"
Records that should be retained for 5 years:
- Offering Envelopes (unless you put a disclaimer advising members to request any necessary changes within a specified time period on the annual statement)
- Annual contribution statements
- Written acknowledgment of charitable contributions
- Written verification of participation in short-term mission projects approved by the church
- Substantiation of business related expenses that are a part of an Accountable Reimbursement Plan
- Minister job descriptions and Housing designations
- Copies of IRS forms (ex. 941, W-2's, 990-T, W-4's, 1099's)
Records to keep until Jesus comes back :-)
- Any and all legal documents for the church (incl. Articles of Incorporation, Constitution & Bylaws, Tax exemption records)
- Church Policies, Job descriptions, Compensation Package data, Accountable Reimbursement Plans & Safety Net Housing Allowance docs if you have one
- Correspondence from the taxing authorities incl. IRS, State and local authorities (incl. Form 1023 application, SS-4 EIN number, Form 8274)
Courageous Obedience Moment:
From Calm Your Anxiety by Robert J. Morgan
"Equipping yourself with Scriptures will help your mind be trained to move from panic to peace, from worry to worship, and from anxiety to confident trust. Identify three scriptures that will help you make these movements. Recite them each day until you've memorized them."
Be blessed my friend.
xo, Michelle Next Steps: Grab Your Freebies:https://churchfinances.ck.page/6steps biz owners
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