2013 Yearend Tax Issues
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Transcript of 2013 Yearend Tax Issues
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2013 Yearend Tax IssuesCleaning up the year and getting Ready for 2014
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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
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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
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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/
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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
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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.
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2014 Pension Plan Limits
• How much will the church put in and how much will the staff salary reduce?
2014
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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
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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
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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
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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
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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?