What are the most common additional income items you need to add to your 4th quarter 941?

Printing the W-2s and W3

According to the Affordable Care Act, is your church required to report the cost of health insurance coverage on your employees’ W2 forms?

 

When preparing to file the 4th quarter 941 and W2 forms it is VERY important for the church to be aware of additional income items that may need to be added to both the 941 and the employee’s W2. (read more)

Budgets are a necessary tool for all organizations including churches and nonprofits.  An organization with the vision of progressive growth must have financial plans to help the leadership prepare for the coming financial burdens that can occur with a growing organization.

The church or nonprofit should include in their annual report a copy of the budget to advise the congregation of the financial status of the church or nonprofit organization.The budget report should include a comparison of the budget to actual income and expense figures.

Establishing a budget shows financial accountability.

While all contributions must be substantiated, contributions of $250 or more require a written receipt from the charity. If you donate property valued at more than $500, additional requirements apply.

General rules:   For a contribution of cash, check, or other monetary gift, regardless of amount, you must maintain a bank record or a written communication from the donee organization showing its name, plus the date and amount of the contribution. It's not sufficient to maintain other written records, such as a log of contributions. (read more)

Summit Tax & Accounting, LLC conducts several seminars each year that work to provide comprehensive and timely information in an understandable format for religious and nonprofit organizations and businesses. Click here for a list of seminars scheduled for 2013.