Nonprofit and Church Accounting Blog
This accounting blog...
- informs you when any new web pages appear on my site,
- shows you the latest question, comment, or tip posted by readers...(please feel free to browse the questions below and answer the ones you feel comfortable answering),
- let's you know when an error is found in my free financial spreadsheets and how to correct them.
Jun 17, 2018
Understanding Financial Statements for a Church
Preparing and understanding financial statements for a church or nonprofit.
Continue reading "Understanding Financial Statements for a Church"
Jun 17, 2018
Accountable Reimbursement Plan Guidelines
Review the 3 requirements for accountable reimbursement plan reimbursements to be considered accountable.
Continue reading "Accountable Reimbursement Plan Guidelines"
Jun 03, 2018
W2 Box 1 negative when including Housing Allowance and Retirement Contribution
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
Continue reading "W2 Box 1 negative when including Housing Allowance and Retirement Contribution"
Jun 01, 2018
Compensation Package with Prepaid Debit Card
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
Continue reading "Compensation Package with Prepaid Debit Card "
Jun 01, 2018
Housing Stipend to minister/pastor and equity share that amount to the church?
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.
Continue reading "Housing Stipend to minister/pastor and equity share that amount to the church?"
Jun 01, 2018
Does the Housing Allowance belong anywhere on the 941 Form?
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
Continue reading "Does the Housing Allowance belong anywhere on the 941 Form?"
Jun 01, 2018
Housing Allowance and Medical 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
Jun 01, 2018
School Scholarship Donation
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
May 30, 2018
Sell of Church Dished
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
May 30, 2018
Donations made monthly to specific missionary family in a foreign county
We receive monthly donations for missionaries in foreign countries. We send the money direct to them from our contributions funds according to donors request.
Continue reading "Donations made monthly to specific missionary family in a foreign county"
May 30, 2018
Clarification on Earmarking Donations
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
May 02, 2018
Form 941 and What is Reported on W-2
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.
May 02, 2018
HA is not approved for a Mortgage Loan
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
May 02, 2018
Ways to reimburse buyers of supplies
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
May 02, 2018
Opt back in to SECA
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?
May 02, 2018
Is there a list of business reimbursements that are qualified to reimburse and a list that is not?
I work for a church, is there a list of business reimbursements that qualify to be reimbursed and a list that do not qualify?
Apr 17, 2018
Can a pastor file schedule c to reduce his earnings for self employment tax purposes?
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
Apr 17, 2018
Pastor's Severance Pay, reported on W2 in box 1 or box 14?
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!
Continue reading "Pastor's Severance Pay, reported on W2 in box 1 or box 14?"
Apr 10, 2018
What qualifies as "actual housing expenses"
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
Continue reading "What qualifies as "actual housing expenses""
Apr 08, 2018
Reimbursing meals under TCJA
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
Apr 08, 2018
Salary reduction to make church contributions
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
Continue reading "Salary reduction to make church contributions"
Apr 08, 2018
Reporting Housing Allowance
What form do I use to report housing allowance for a bi-vocational pastor that receives no salary (only housing allowance)?
Apr 04, 2018
Withholding on Housing
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
Apr 04, 2018
Expenses as Donations
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
Apr 04, 2018
Restricted Funds
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 &
Apr 04, 2018
"Love Offerings" for Guest Speakers, Singers, Musicians, Pastor's Birthday
I am trying to get a handle on how to properly process and record donations/contributions received through special offerings specifically designated for
Continue reading ""Love Offerings" for Guest Speakers, Singers, Musicians, Pastor's Birthday"
Mar 25, 2018
Donations to Church Owned Preschool
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
Mar 11, 2018
Housing Allowance reporting
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?
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