YEAR END - IN JANUARY

            Last week, I wrote about clergy taxes and steps that clergy should make to make themselves ready for their tax returns, and to prepare their “tax lives” for the current year that we’re in, before we get too far in.

            This week I want to write about what churches/finance folks/pastors need to do and plan for—let’s call it a “to do list”. We are mid-way through January, and while it seems we can let out a sign of relief because Advent and Christmas are in the rearview mirror, we can’t. There’s still a lot to do (or get ready to do).

• ·         W-2 Forms - If your church has employees, including your pastor, then you have to prepare W-2 payroll forms. These are the forms that report to your employees what you paid them, and taxes and other items withheld. They have to be sent to the employee no later than January 31^st, and filed with the government by that same day. You may also need to prepare a file quarterly federal and state payroll reports (Forms 941 and NYS-45)—also due by January 31^st.

• ·         Giving Statements – The Internal Revenue Service requires that we send a giving statement to every identified giver that has given during the year. It reports to the giver what they have given during the year. It also requires a statement that no goods or services were provided in exchange for the amount, other than religious benefits. These also much be done by January 31^st.

• ·         The statistical report system has opened. In case you hadn’t heard, the statistical reports are no longer done through EZRA but through ACStats. These must be completed online no later than March 15^th. There are sections on members and demographics, and there are also financial sections. For some, this is an overwhelming process, but if you approach them step-by-step, it isn’t so bad.

• ·         The annual church audit, which is require by the Book of Discipline, has a due date of March 15^th. This is the responsibility of the Finance Committee to provide for. Pulling together the necessary information and making the arrangements sooner rather than later will help get it done in a timely fashion.

• ·         There are also a couple more reports that are due (post Charge Conference)

o   Report of Trustees

o   Report of Finance Committee

o   2022 Year End Financial Report (your format)

o   2023 Church Budget (your format)

            Please realize that this “paperwork” isn’t busy work; some are governmental requirements; some are Conference or Denominational requirements, but ALL are necessary. The reports and information help you, as the local church; your district, your conference and the denomination make decisions.

           

Please feel free to contact me at (315) 427-3668 or susanranous@unyumc.org if you’d like help with completing your forms or getting answers to your questions about them!