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 31st, 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 31st.
- ·
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 31st.
- · 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 15th. 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 15th. 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!
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