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2013 Yearend Tax Issues
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  1. 2013 Yearend Tax Issues Cleaning up the year and getting Ready for 2014

  2. 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

  3. 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

  4. 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/

  5. 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

  6. 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.

  7. 2014 Pension Plan Limits • How much will the church put in and how much will the staff salary reduce? 2014

  8. 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

  9. 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

  10. 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

  11. 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

  12. Questions? What Questions can I answer for You? Rod Wiltrout Church Finance Specialist (559) 256-0858 direct line (559) 287-7840 cell phone rwiltrout@csbc.com www.csbc.com/financialmatters