The Zondervan Church and Nonprofit Organization Tax and Financial Guide: For 1999 Tax Returns

by Dan Busby

• ISBN13: 9780310228868
• ISBN10: 0310228867
• Format: Paperback
• Copyright: 1999-12-01
• Publisher: Zondervan Publishing Company

Author Biography

Daniel Busby is a certified public accountant with a master's degree in business from Emporia State University. 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 vice-president for member and donor services with the Evangelical Council for Financial Accountability. Washington, D.C.

Table of Contents

Special Index for Church Treasurers	v
Introduction	viii
Recent Development	1	(190)
Financial Accountability	13	(16)
Organizations promoting accountability	14	(1)
Accountability to an independent board	14	(6)
Accountability to donors	20	(8)
Accountability to government	28	(1)
Tax Exemption	29	(24)
Tax exemption of churches	30	(1)
Advantages and limitations of tax exemption	31	(1)
Starting a nonprofit	32	(4)
Unrelated business income	36	(7)
Private benefit and private inurement	43	(2)
Filing federal returns	45	(3)
Postal regulations	48	(1)
State taxes and fees	48	(3)
Political activity	51	(2)
Compensation Planning	53	(18)
Reasonable compensation	53	(1)
Organization-provided housing	54	(2)
Maximizing fringe benefits	56	(10)
Nondiscrimination rules	66	(1)
Paying employee expenses	67	(4)
Employer Reporting	71	(22)
The classification of workers	71	(5)
Reporting compensation	76	(1)
Payroll tax withholding	76	(4)
Depositing withheld payroll taxes	80	(1)
Filing the quarterly tax forms	81	(3)
Filing the annual payroll tax forms	84	(8)
Refunds and abatements	92	(1)
Information Reporting	93	(10)
General filing requirements	93	(2)
Reporting on the Receipt of funds	95	(1)
Reporting on the payment of funds	96	(5)
Summary of payment reporting requirements	101	(2)
Your Financial Records	103	(34)
The Money Comes in	103	(7)
The money goes out	110	(2)
Accounting records	112	(9)
Financial reports	121	(10)
Budgeting	131	(1)
Audit Guidelines	131	(2)
Church internal audit guidelines	133	(4)
Charitable Gifts	137	(34)
Percentage limitations	138	(1)
Charitable gift options	139	(2)
Charitable gift timing	141	(1)
Charitable Contribution acknowledgments	142	(6)
Gifts that may not qualify as contributions	148	(2)
Reporting to the IRS	150	(4)
Quid pro quo disclosure requirements	154	(6)
Special charitable contribution issues	160	(11)
Risk Management	171	(20)
The Risk management process	171	(3)
Steps to avoid sexual abuse	174	(1)
Insuring for risks	175	(7)
Complying with applicable laws	182	(9)
Citations	191	(5)
Index	196	(4)
10 Biggest Tax Mistakes Made by Churches and Nonprofit Organizations	200