| CHURCH FINANCES
Dates to Remember
January 31
Provide a W-2 to each employee.
Provide a 1099-MISC to each independent contractor to whom the
church paid at least $600 during the previous year.
Send Form 941 to the IRS to report wages and taxes withheld for
the quarter ending December 31.
February 15
A new W-4 form must be completed by non-ministerial employees who
claimed total exemption from withholding during the previous year.
February 28
Due date for Form W-3 (Transmittal of Income and Tax Statements),
and copy A of all W-2s. Send to the Social Security Administration.
The address is on the W-3 instructions.
Send copies of tax statements (W-2s and 1099-MISCs) to the state.
Send Form 1096 (Annual Summary and Transmittal of U. S. Information
Returns) with all copies of 1099-MISCs to the IRS. (The address
is on the Form 1096 instructions.)
April 30
Send Form 941 to the IRS to report wages and taxes withheld for
the quarter ending March 31.
July 31
Send Form 941 to the IRS to report wages and taxes withheld for
the quarter ending June 30.
October 31
Send Form 941 to the IRS to report wages and taxes withheld for
the quarter ending September 30.
December 1
Complete new Forms W-4 for any employees whose withholding will
change for the next year.
December 31
The board needs to designate the next year’s parsonage allowance
for ministers. Requires a board resolution.
The board needs to establish a written business expense reimbursement
policy for all employees. It needs to be established only once,
not renewed every year.
|
