))
The Church Finance & Minister Tax Podcast- Church finances, Minister Taxes, Minister payroll, IRS Compliance
«
»
Ep 65 ~ Navigating the IRS Maze: Avoiding Financial Pitfalls - Key Tips for Churches
Manage episode 421927738 series 3453775
Innehåll tillhandahållet av Michelle R Brown, EA, Christian Business Mentor, Enrolled Agent, Michelle R Brown, EA, Christian Business Mentor, and Enrolled Agent. Allt poddinnehåll inklusive avsnitt, grafik och podcastbeskrivningar laddas upp och tillhandahålls direkt av Michelle R Brown, EA, Christian Business Mentor, Enrolled Agent, Michelle R Brown, EA, Christian Business Mentor, and Enrolled Agent eller deras podcastplattformspartner. Om du tror att någon använder ditt upphovsrättsskyddade verk utan din tillåtelse kan du följa processen som beskrivs här https://sv.player.fm/legal.
Welcome to The Church Finance & Minister Tax Podcast! Are you ready to safeguard your church's financial health? Join us as we uncover common pitfalls and share tips for financial compliance. From avoiding the commingling of funds to reporting taxable income, get ready to empower your church with the knowledge it needs. Stay tuned for valuable insights coming up in our final part of the 3-part series on Navigating the IRS.
Episode Quote"You are successful when you do what you need to do today."
— Craig Groeschel, "Think Ahead"
Commingling Personal and Church Finances
- Issue: Using church funds for personal expenses and reimbursing later blurs financial lines.
- Consequences: Lack of transparency, serious tax implications.
- Solution: Maintain separate personal and church accounts, revoke credit card privileges if misused, and ensure expenses are properly handled and reported.
Failure to Report Taxable Income
- Issue: Ministers failing to report housing allowances and other taxable income accurately.
- Consequences: Penalties and legal repercussions from the IRS.
- Solution: Understand housing allowances are subject to Self-Employment Contributions Act (SECA) taxes, and consider voluntary Federal withholding by the church to aid compliance.
Importance of Professional Guidance
- Issue: Unique complexities in church finances require specialized knowledge.
- Solution: Seek professionals with expertise in nonprofit and church finances. Research and choose the right financial advisor, attend relevant training, and continuously educate church leaders on financial laws and best practices.
- New Course: Intro to Church Finances
- Details: A comprehensive beginners course to help church leaders understand financial management and compliance.
- Join the Waitlist: Be the first to know when it launches by signing up at www.introtochurchfinances.com.
Maintaining financial compliance in church operations requires consistency, transparency, and a commitment to understanding and fulfilling the legal and tax obligations for the church. By avoiding common pitfalls such as commingling funds and failing to report taxable income, and seeking professional guidance, church leaders can safeguard their organization's financial integrity, allowing staff to focus on their spiritual missions without the stress of financial mismanagement.
Thank you for joining us for the final episode of our Navigating the IRS series. Stay tuned for more episodes on how to empower your church with sound financial practices.
This podcast is brought to you by Hallmark Tax Solutions, LLC, specializing in church financial compliance and minister tax services. Learn more at Hallmark Tax Solutions, LLC.
xo, Michelle Next Steps: Grab Your Freebies:Six Steps to Doing Business God's Way biz owners
A QuickStart Guide to Church Finances everybodyLooking for a group of like-minded people that want to keep Jesus at the center of everything they do?
Join the BEST Facebook group for church finances at Church Bookkeeping and Clergy Tax Facebook Group
Need an extra hand with an immediate situation? Schedule a Consultation:87 episoder
Dela
