This accounting blog...
Preparing and understanding financial statements for a church or nonprofit.
Review the 3 requirements for accountable reimbursement plan reimbursements to be considered accountable.
My denomination allots a housing allowance of 75% of gross income, for which I can fully utilize by making additional house payments toward the mortgage
Can you tell me if there are any stipulations to offering a prepaid debit card for an allotted amount of hospitality to a church employee as part of their
If the church gives a housing stipend of say $2,000/mo ($24K/year) can there also be an equity share agreement with the church for that contribution.
Does the Housing Allowance belong anywhere on the 941 Form? Vickey's Reply: NO. Do not include housing allowance payments on the 941 form. The only
I am a bivocational pastor of a small church. The church has grown to the point where they are able to start thinking about a small compensation package
We recently started a private christian school under the umbrella of our church. We had someone donate a scholarship to the school. How would you
We recently sold some dishes from the church. What kind of entry needs to be made? The women's ministry bought them 30 to 35 years ago and we no longer
We receive monthly donations for missionaries in foreign countries. We send the money direct to them from our contributions funds according to donors request.
If I cannot earmark my donation to a specific person that I want to benefit from my donation, how is it possible that at Christmas Time when the newspaper
Our church reports income tax on Pastor's Gross Salary quarterly on the 941. When the W-2 is completed, $0 is entered for Box 2, Federal Income Tax.
We were just denied a mortgage loan because our HA has not been effective for 12 months. Apparently this was written into effect in Trump’s new law as
I have been one of the main buyers for our temple for many years, and recently the bookkeeper has told me (and others) that, to protect us in the case
Is there an IRS form for clergy to opt back into SECA? Or do they simply start paying self-employment taxes on Schedule E? Will this trigger an audit?
I work for a church, is there a list of business reimbursements that qualify to be reimbursed and a list that do not qualify?
Should a Pastor file schedule c to reduce his self-employment income by any deductions since he is considered self-employed for social security tax purposes
I'm wondering if a Pastor's severance pay would get reported on their W2 with wages reported in box 1, or in box 14 alongside housing. Thank you!
I had all my pay distributed as Housing Allowance & received a W2 showing no wages. I'm trying to determine the actual housing expenses but wasn't sure
TCJA says that meals are only 50% deductible. Can I still reimburse my pastor under an accountable reimbursement plan for 100% of his meal expense or
I want to make substantial donation to my church. Can I effect that donation by not taking the salary budgeted by the church? Can my W-2 income be only
What form do I use to report housing allowance for a bi-vocational pastor that receives no salary (only housing allowance)?
Can the church elect to withhold FICA taxes on Housing and pay the employer portion on 941 quarterly tax forms and include the housing payments in the
Is there a code for line 14 when you claim a housing allowance?
I'm assuming that if a church cannot afford to reimburse legitimate expenses, the church could make a receipt available to recognize the expense as a donation
Over the past 2 years, we have held several benefit/silent auction signings to raise money for a Van Fund at our church. These monies were donated &
I am trying to get a handle on how to properly process and record donations/contributions received through special offerings specifically designated for
If we collect funds for Church owned Preschool, is this considered pass-through income? Or can we call it outreach when the funds are given to Preschool
so when filling out W3 form we wouldn't include the Pastor's housing allowance as wages if all the salary that the Pastor is receiving is the Housing Allowance?
My church allocated $20000. towards housing allowance for me, which is my whole salary. It feels like I am paying more because of the self-employment