Zondervan Church and Nonprofit Tax and Financial Guide : For 2007 Returns

by Dan Busby, CPA

• ISBN13: 9780310261858
• ISBN10: 0310261856
• Format: Paperback
• Copyright: 2008-01-01
• Publisher: Harpercollins Christian Pub

Summary

A complete tax and financial guide for churches and other nonprofit organizations, written in plain English.

Author Biography

Dan Busby is a certified public accountant with a master's degree in business from Emporia State University

Table of Contents

Special Index for Church Treasurers	p. v
Introduction	p. viii
Recent Developments	p. 1
Financial Accountability	p. 11
Accountability to an independent board	p. 12
Accountability to donors	p. 19
Tax Exemption	p. 25
Advantages and limitations of tax exemption	p. 25
Tax exemption for churches	p. 27
Starting a church or other nonprofit organization	p. 28
Unrelated business income	p. 32
Private benefit and private inurement	p. 39
Filing federal returns	p. 42
Postal regulations	p. 50
State taxes and fees	p. 50
Political activity	p. 53
Compensating Employees	p. 55
Reasonable compensation	p. 55
Housing and the housing allowance	p. 56
Deferred compensation	p. 61
Maximizing fringe benefits	p. 63
Nondiscrimination rules	p. 74
Paying employee expenses	p. 75
Employer Reporting	p. 85
The classification of workers	p. 85
Reporting compensation	p. 89
Payroll tax withholding	p. 89
Depositing withheld payroll taxes	p. 93
Filing the quarterly payroll tax forms	p. 94
Filing the annual payroll tax forms	p. 97
Information Reporting	p. 107
General filing requirements	p. 107
Reporting on the receipt of funds	p. 109
Reporting on the payment of funds	p. 109
Summary of payment reporting requirements	p. 117
Financial Records	p. 119
Handling incoming funds	p. 119
Handling outgoing funds	p. 124
Accounting records	p. 127
Financial reports	p. 132
Budgeting	p. 143
Audits, reviews, and compilations	p. 143
Charitable Gifts	p. 151
Charitable gift options	p. 155
Percentage limitations	p. 158
Gifts that may not qualify as contributions	p. 159
Charitable gift timing	p. 161
Acknowledging and reporting charitable gifts	p. 162
Quid pro quo disclosure requirements	p. 175
Deputized fund-raising	p. 181
Short-term mission trips	p. 184
Other special charitable contribution issues	p. 192
Citations	p. 207
Index	p. 210
10 Biggest Tax and Financial Mistakes Made by Churches and Nonprofits	p. 213
10 Tax and Finance Questions Most Frequently Asked by Churches and Nonprofits	p. 214
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