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Baptists for Life of Wisconsin: August 2014 Summit

Baptists for Life of Wisconsin: August 2014 Summit. Presenter: Corey A. Pfaffe, CPA, PhD. IRS Pub. 1771. Charitable Gifts. Receipting contributions Quid Pro Quo. Tax-Exempt Organizations. Form 1023-EZ Form 990, 990-EZ, 990-N Which one? It depends on annual receipts

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Baptists for Life of Wisconsin: August 2014 Summit

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  1. Baptists for Life of Wisconsin:August 2014 Summit Presenter: Corey A. Pfaffe, CPA, PhD

  2. IRS Pub. 1771 Charitable Gifts • Receipting contributions • Quid Pro Quo

  3. Tax-Exempt Organizations • Form 1023-EZ • Form 990, 990-EZ, 990-N Which one? It depends on annual receipts ≥ $200,000 “990-EZ land” ≤ $50,000

  4. Regulatory “Hot Button” Issues • Employees Do the following “ring a bell” in your mind? I-9, W-4, 941, W-2, WT-4, WI-BTR, WC • Independent contractors (W-9, 1099) • Benevolence vs. compensation • “Responsible Party” “Agent”

  5. Recordkeeping and Documentation • Security • Statute of limitations • Keep permanently: minutes, Tax Determination Letter, CES #, articles of incorporation, EIN application … “Responsible Party”, annual reports, Forms 990

  6. Let’s Talk a Little Bit About … • #1 • Not a substitute for accounting knowledge and experience … sound familiar? reconciliation, chart of accounts, fund accounting • Budgeting

  7. Affordable Care Act • “Individual Shared Responsibility Payment” • 2014: greater of 1% of your household income in excess of “filing threshold” OR $285 (for family of six) • By 2016: greater of 2.5% of your household income in excess of “filing threshold” OR $695 per person ($4,170 for family of six) • Health Care Sharing Arrangements

  8. For more information... IRS Publications 1771 – Charitable Contributions 1828 – Churches & Religious Org.

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