2013 Yearend Tax Issues

2013 Yearend Tax IssuesCleaning up the year and getting Ready for 2014

Why Worry about the IRS?

• No longer a church friendly government

• Government is broke• We are low hanging fruit• Loss of 501c(3) status• Fines• Obama Care • Obey the Law

You Know the Standard Form

• 941 or 944• DE9• 592-B OOST• W-2• W-3• W-4• W-5 EIC• 1099• 1096

You may also need to fill out:• I-9• 990T• 8283• 401-DS Excise Tax• SI-100• FTB3500A• New Church

Starting Forms

Where Do I Get the IRS Forms?

• Toll free (866) 455-7438 for help with W-2, W-3, 1096, 1099

• Order IRS forms from 1-800-829-3676 or http://www.irs.gov/businesses/page/0,,id=23108,00.html

• EDD forms http://www.edd.ca.gov/Forms/default.asp

• http://www.stayexempt.irs.gov/

You Know the Church Forms

• Housing Allowance for ministerial staff

• Salary Reduction for 403(b)9 accounts

• Choose your insurance• FSA/HRA/HSA forms if you use

high deductible insurance• Notice for employees regarding

health plan options http://www.guidestoneinsurance.org/HealthcareReform2/ER-Notices-Coverage-Options

Covered CA: When to provide the Notice?• October 1, 2013: Provide the

Notice to all current employees by October 1, 2013.

• October 1-December 31, 2013: Provide the Notice to new employees who are hired between these dates on the date of hire.

• After December 31, 2013: Provide the Notice to all new employees who are hired after December 31, 2013, within 14 days of their start date.

2014 Pension Plan Limits

• How much will the church put in and how much will the staff salary reduce?

2014

Catch Up Offering

• It’s easy to get behind over the course of the year

• Here are materials to help you have a “Catch Up the Tithe” Sunday

• You can download them at the bottom of your screen

Charitable Alert• Make a gift from your IRA directly to

charity in 2013.  • Tax free transfer directly to charity.• Gift can count as your required

minimum distribution.• Must be 70 1/2 years old to qualify.• Contact your IRA custodian instructing

them to send the gift directly to your chosen charity.

• Limited to $100,000.• Expires January 31, 2014

2014 Tax Issues

• Covered CA signups by March 31• Quarterly Reports: 941; DE 9• Don’t forget to get W-9s from your

guest speakers before giving them their honorarium

You Know the Church Forms

• Print out Year-end Contribution Statements and Mail Them

• Statements must have the Statement on them

• NO goods or services were provided by the organization in return for the contribution

• IRS can deny the deduction if the statement is not on the Contribution form

13

What Questions can I answer for You?

(559) 256-0858 direct line

(559) 287-7840 cell [email protected]

Rod WiltroutChurch Finance Specialist

www.csbc.com/financialmatters

Questions?