Could you please comment on whether the IRS has different accounting requirements if an individual contributes over a certain threshold, say over $10,000 in one year to a church. Thank you.
Answer
No, not for the church. You would issue a contribution receipt as usual. Make sure you attach a list of all their individual contributions.
Now that individual may face some restrictions when they claim their charitable contributions if the total of all their contributions are over 20% of their adjusted gross income.
See IRS Pub 526 for more information on charitable contributions.
Hope this helps,
Church Accounting Package
www.freechurchaccounting.com