Audit reports. Annual financial statements. Tax returns submitted to the IRS or state. Annual corporate filings or returns. Tax-exemption documents and correspondence for income, sales, property or other taxes.
Records to be kept seven years: Bank statements, cancelled checks and bank reconciliations. Worksheets and supporting documents for tax returns. IRS Form W-2s and s. Payroll tax records, including payroll registers, housing allowance forms, W-4 forms, and payroll deductions.
Under the substantial part test, a church or religious organization that conducts excessive lobbying activity in any taxable year may lose its tax-exempt status, resulting in all its income being subject to tax.
For services in the exercise of the ministry, members of the clergy receive a Form W-2 but do not have social security or Medicare taxes withheld. Skip to content Helpful tips. April 7, Joe Ford. Until then, print things out old-school and have an electronic version new school. Filed Under: church administration , church finances , church financial statements Tagged: church administration , church finances , church financial statements.
Categories accounting budget buildings church administration church finances church financial statements church humor church safety church security church staff communications facilities faith future generosity leadership planning strategy wisdom young adults. Return to top of page. Electronic backup in PDF format is the best way to retain this information. Be sure the information is protected in the event of a fire, flood, or computer virus. Other records are essential to retain permanently please consult the IRS website for details.
Many church management systems can help you retain church contribution records and store information offsite in a secure environment.
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