The Zondervan Church and Nonprofit Tax & Financial Guide 2009: For 2008 Tax Returns

by Dan Busby, CPA

• ISBN13: 9780310261865
• ISBN10: 0310261864
• Format: Paperback
• Copyright: 2009-02-01
• Publisher: Harpercollins Christian Pub

Summary

This 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 2009 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.

Table of Contents

Special Index for Church Treasurers	p. v
Introduction 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. 52
State taxes and fees	p. 52
Political activity	p. 55
Compensating Employees	p. 57
Reasonable compensation	p. 57
Housing and the housing allowance	p. 58
Deferred compensation	p. 63
Maximizing fringe benefits	p. 65
Nondiscrimination rules	p. 76
Paying employee expenses	p. 77
Employer Reporting	p. 81
The classification of workers	p. 81
Reporting compensation	p. 85
Payroll tax withholding	p. 85
Depositing withheld payroll taxes	p. 89
Filing the quarterly payroll tax forms	p. 90
Filing the annual payroll tax forms	p. 93
Information Reporting	p. 103
General filing requirements	p. 103
Reporting on the receipt of funds	p. 105
Summary of payment reporting requirements	p. 113
Financial Records and Reporting	p. 115
Recordkeeping of income and expenses	p. 116
Accounting records	p. 123
Financial reports	p. 127
Budgeting	p. 143
Audits and other related services	p. 143
Charitable Gifts	p. 151
Charitable gift options	p. 152
Percentage limitations	p. 155
Gifts that may not qualify as contributions	p. 156
Charitable gift timing	p. 158
Acknowledging and reporting charitable gifts	p. 160
Quid pro quo disclosure requirements	p. 173
Donor-restricted gifts	p. 178
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
10 Tax and Finance Questions Most Frequently Asked by Churches and Nonprofits
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